South Korean foreign apartment ownership in Seoul is heavily concentrated among American buyers. Recent housing data revealed that US citizens control nearly half of all foreign-owned apartments in the capital. Moreover, Americans show a clear preference for high-value areas in central and southern Seoul.
According to figures compiled by the Korea Real Estate Board, Americans hold 5,678 apartments across Seoul. This number represents 45 percent of the 12,516 apartments owned by foreigners in the city. Their interest is strongest in the upscale districts of Gangnam-gu, Seocho-gu, and Songpa-gu. Additionally, large clusters of American buyers can be found in Yongsan-gu, Mapo-gu, and Seongdong-gu.
Chinese nationals make up the second-largest group of foreign buyers. They own 2,536 apartments, but their purchases concentrate in different areas than those of Americans. Many Chinese buyers favor southwestern districts such as Guro-gu and Yeongdeungpo-gu. Smaller numbers of units are also located in Dongdaemun-gu and Geumcheon-gu. In contrast, very few Chinese buyers chose the expensive Gangnam district.
Other groups of buyers include Canadians with 1,831 units, Taiwanese with 790, and Australians with 500. Analysts suggest that many of these owners belong to overseas Korean communities. They argue that Korean diaspora members play a major role in luxury housing markets. High-value areas such as Gangnam and Yongsan continue to attract wealthy overseas Koreans.
Authorities have raised concerns about speculative buying. The National Tax Service reported that 40 percent of recent investigations involved foreigners of Korean descent. Officials fear that such purchases distort the housing market. Consequently, policymakers are introducing stricter measures to cool prices and improve fairness.
New regulations will soon impose tougher restrictions on foreign buyers. Under the revised rules, foreign nationals face the same purchase conditions as Koreans. Buyers must now obtain approval in designated permit zones, which cover most of Seoul and surrounding regions. Furthermore, they must occupy purchased apartments for at least two years.
Violators of these new rules face fines of up to 10 percent of property prices. The government hopes these measures will curb speculation and stabilize soaring apartment costs. These changes follow earlier mortgage restrictions that tightened lending and reduced investment opportunities for multiple-home owners.
Lawmakers stress the importance of balance. They argue that genuine residents and overseas Koreans need protection while curbing speculative investment. Therefore, regulators continue to search for a middle ground between housing access and fair market rules. South Korea’s foreign apartment ownership remains a sensitive policy issue at the heart of housing debates.
