The city of Suwon, Gyeonggi Province, announced on August 25 that the foreign land transaction approval zone will be extended for one year, from August 26 to August 25, 2027, following re-designation by the Ministry of Land, Infrastructure and Transport.
Under the new regulations, foreign purchases of land exceeding 6 square meters in residential areas and 15 square meters in commercial areas will require approval.
According to the Ministry, the volume of foreign housing transactions in the metropolitan area decreased by 27% from 6,024 cases in the same period last year to 4,397 cases between September 2025 and June 2026. In Gyeonggi Province, the decline was 23%.
During this period, 66% of foreign housing transactions in the metropolitan area occurred in Gyeonggi Province, with Suwon ranking among the top areas for foreign housing transactions, following Ansan, Bucheon, and Pyeongtaek.
The city plans to enhance monitoring of unusual transactions to prevent speculative housing purchases and establish a real estate transaction order focused on genuine demand.
A city official stated, "With the re-designation of the foreign land transaction approval zone, we will closely examine speculative housing transactions and unusual dealings. We are committed to ensuring residential stability for citizens and fostering a healthy real estate market environment."
The land transaction approval system is designed to curb speculation and promote rational land use by requiring approval from the mayor or district head for transactions within designated areas.
* This article has been translated by AI.
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