Foreign Buyers Surge in Korean Real Estate Market, Led by Chinese Investors

In 2023, the Korean real estate market witnessed a remarkable surge in the involvement of foreign buyers, reaching an all-time high, with Chinese investors leading the trend, as per data released by the courts on Sunday.

Last year, a staggering 15,600 foreign nationals ventured into property acquisitions in Korea, constituting a historic 0.9 percent of the total land transactions, according to statistics from the online real estate registry service operated by the Supreme Court.

This escalating trend in the participation of foreign buyers in the Korean real estate sector has been consistent since the inception of data collection by the Korean court in 2010. Beginning at a modest 0.2 percent in 2010, the percentage steadily climbed to 0.33 percent in 2014, 0.64 percent in 2018, and reached 0.75 percent in 2022.

Breaking down the figures by nationality, Chinese nationals emerged as the most prominent purchasers, with 11,000 transactions recorded last year, accounting for a substantial 72.9 percent of all foreign buyers. They were trailed by Americans with 7,800 transactions and Canadians with 1,600.

Further analysis of the data revealed that over 12,000 foreign individuals opted for residential properties, including apartments, marking a significant 1.21 percent share in this segment.

Regional variations were also observed, with Incheon, located 27 kilometers west of Seoul, experiencing a particularly high foreign involvement, constituting 2.09 percent of the total residential transactions. Similarly, South Chungcheong Province witnessed a foreign portion of 1.74 percent, while Gyeonggi Province recorded 1.68 percent foreign participation, according to the data.