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251.6㎢ of foreign-owned land … Published land price KRW 31.2 billion
1.2% increase in area compared to the end of last year … Chinese 2.6% ↑
Financing in your country … even in the regulation of people with multiple households
Proposal to exclude the tax on the acquisition of foreigners ↑ and the exemption of the transfer tax
[앵커]
In the first half of this year, China’s share of foreign-owned land increased more compared to the end of last year. Amid concerns about whether it has turned to land after domestic apartments, some point out that regulations are needed to prevent foreigners from speculating in real estate. Reporter Shin Yoon-jung reports. As of the first half of this year, the area of foreign-owned land in Korea was 251.6. It is 0.25% of the total land area, equivalent to KRW 31.2 trillion based on publicly announced land. About half of them are owned by Americans, followed by China, Japan and Europe. Compared to the end of last year, it increased 1.2% in terms of acreage, and Chinese-owned land increased 2.6%, showing the largest increase. Even if you look at the statistics accumulated over the past eight years, the Chinese-owned land area in Korea has increased rapidly, increasing 5.2 times. Some point out that the land was not moved after residential real estate like apartments. The number of domestic apartments that the Chinese have bought in the last three years is 13,000, which represents about 60% of all foreign purchases. Foreigners, including Chinese, are not subject to restrictions on domestic loans if they raise funds in their own country, and the acquisition tax and transfer tax, which are intensive for people with multiple households, can be avoided by buying from name of your relatives. As the controversy grows, the ruling and opposition parties are enacting bills in a row that significantly raise the acquisition tax on foreigners or exclude them from the exemption of the transfer tax, as in foreign cases. Foreign transactions represent less than 1% of the domestic real estate market, but as supply shortages and house prices continue to rise, voices are gaining momentum to regulate the acquisition of speculative real estate by foreigners. YTN Shin Yoon-jung[[email protected]]it is.
