Seoul eyes foreign home curbs

[Anchor]

Recently, the demand from foreigners in the domestic real estate market has significantly increased.

As the controversy over domestic residents facing reverse discrimination due to strict loan regulations intensifies, Seoul Mayor Oh Se-hoon has instructed to consider measures to regulate the purchase of high-priced homes by non-resident foreigners.

Jeong Yeon-wook reports.

[Report]

At the end of last year, a man in his 40s from Uzbekistan purchased an apartment in Seocho-gu, Seoul for 7.4 billion won.

It is estimated to be a full cash purchase.

The buyer who acquired a luxury apartment in Yongsan-gu, Seoul for 11 billion won was also of British nationality.

The trend of foreign real estate investment, which was concentrated in certain areas of Seoul, is now spreading to various locations.

[Real Estate Agent/Voice Altered: "In the past, when we talked about foreigners, it was always Hannam-dong or Itaewon, but now they are going to places like Pyeongtaek and other areas."]

According to recent government announcements, the number of domestic homes owned by foreigners is just over 100,000.

This has steadily increased from about 83,000 two years ago.

By nationality, the largest group is Chinese, followed by Americans and Canadians.

The problem is that it is difficult to apply real estate-related regulations, such as the 600 million won limit on housing mortgage loans for domestic residents, to foreigners.

Recently, some foreigners' tax evasion activities have also been uncovered by the National Tax Service.

In response, Mayor Oh Se-hoon stated, "The purchase of high-priced homes by foreigners could lead to market distortion and reverse discrimination," and instructed to examine whether the regulatory methods and supervisory functions of countries like the United States and Canada can be applied domestically.

In fact, some states in the U.S. have recently passed laws banning real estate purchases by Chinese nationals, and Canada has already implemented strict measures to temporarily ban foreign home purchases.

Measures to restrict home acquisitions by non-resident foreigners are expected to be considered based on the principle of reciprocity.

This is KBS News, Jeong Yeon-wook.