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Seoul's most attractive neighborhoods saw the most foreign homeownership

Published: 04 Sep. 2025, 16:55

Apartment complexes in downtown Seoul as seen from Namsan Seoul Tower in central Seoul on April 23. [YONHAP]

The number of foreigners owning homes in Korea has risen by more than 20 percent during former President Yoon Suk Yeol’s two years in office from 2022 to 2024, data showed Thursday.

Rep. Park Yong-kap of the Democratic Party, citing analysis of figures from the Korea Real Estate Board, said that foreign homeownership rose from 82,666 at the end of 2022 — after Yoon took office — to 99,839 by the end of 2024, an increase of 20.7 percent, or 17,173 owners.

By nationality, Chinese buyers accounted for the largest growth, rising from 47,912 in 2022 to 59,722, up 11,810 or 24.6 percent, in 2024. Chinese nationals were also the largest group of foreign homeowners overall.

During the same period, they were followed by Americans (17,891 to 20,036), Asians excluding Koreans (1,581 to 2,620), Vietnamese (945 to 1,592), Canadians (4,859 to 5,341) and Europeans excluding Britain, France and Germany (1,053 to 1,529).

Of the homes, 500 were priced at 1.2 billion won ($861,000) or higher.

Based on 2,899 housing finance plans submitted by foreign buyers since Yoon took office, Rep. Park found that 546 transactions involved properties priced above 1.2 billion won, accounting for 18.8 percent of the total.

Among them, 89 purchases were valued between 3 billion and 5 billion won, accounting for 3.1 percent, 22 between 5 billion and 10 billion won, being 0.8 percent, and five at 10 billion won or more, being 0.2 percent.

By district, the most expensive foreign purchases were concentrated in Seoul, including 28 in Hannam-dong, Yongsan District, central Seoul; 19 each in Banpo-dong, Seocho District, southern Seoul, and Yeouido-dong, Yeongdeungpo District, western Seoul; 16 each in Jamwon-dong, Seocho District, and Oksu-dong, Seongdong District, eastern Seoul; and 15 in Seocho-dong, Seocho District.

The priciest deal was an apartment at Janghak Paarc Hannam in Hannam-dong, purchased entirely in cash for 18 billion won in August 2023 by a Malaysian national born in 1954.

The second most expensive was a 12 billion won apartment at Hannam The Hill, also in Hannam-dong, bought in April 2024 by a U.S. citizen born in 1978, who paid 6.36 billion won in cash and took out a 5.65 billion won bank loan.

Other high-end purchases included a British national born in 1984 who bought a Hannam The Hill unit for 11 billion won in cash in March 2023, and a Chinese buyer born in 1994 who purchased a Gemstone Hills property in Seongbuk-dong, Seongbuk District, central Seoul, for 10.64 billion won in cash in August 2022.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY CHO MUN-GYU [[email protected]]