Foreign ownership of homes in South Korea rose sharply during the last administration, despite pledges to rein in speculative purchases by overseas buyers, newly released figures suggest.

Data from the Korea Real Estate Board, cited by the Yonhap News Agency and provided to Democratic Party lawmaker Park Yong-gap, showed that foreign nationals owned 99,830 homes by the end of 2024. That represented an increase of 20.7% over two years, up from 82,666 in 2022 when Yoon Suk Yeol’s government took office.

Chinese nationals accounted for the largest share, with ownership climbing 24.6% to 59,722. Americans followed, adding 2,145 homes to reach 20,036. Smaller but notable increases were seen among Vietnamese buyers, whose numbers rose by 647 to 1,592, and Canadians, who added 482 homes, bringing their total to 5,341, Yonhap reported.

Luxury acquisitions were also significant. Between 2022 and 2024, foreigners purchased 546 properties valued above KRW1.2bn ($862,700).

The surge has drawn criticism, given that the Yoon administration had identified foreign speculation in the housing market as a policy priority. Other countries, including Canada and Australia, have tightened restrictions in recent years, and calls are growing for South Korea to do the same.

Responding to such concerns, the current Lee Jae-myung government introduced new rules in August aimed at tightening oversight. Under the Real Estate Transaction Reporting Act, foreign individuals, corporations and governments must now obtain advance approval from local authorities before buying homes. Contracts signed without approval will be void.

Buyers are also required to move into the property within four months and remain there for at least two years, with fines imposed for violations.