SEOUL - The share of foreign nationals purchasing real estate in South Korea surged to an unprecedented high in 2023, with Chinese buyers leading the trend, according to recent court data. The online real estate registry service operated by the Supreme Court disclosed that a total of 15,600 foreign buyers completed property acquisitions last year, representing 0.9 percent of all land transactions in the country. This milestone underscores a consistent growth in foreign investment in South Korea's real estate sector since the court began tracking such data in 2010.
According to Yonhap News Agency, the percentage of foreign participants in the South Korean real estate market has steadily increased from 0.2 percent in 2010 to 0.75 percent in 2022, highlighting a growing interest among international investors. In particular, Chinese nationals accounted for 72.9 percent of all foreign real estate purchases in 2023, totaling 11,000 transactions. They were followed by Americans, who made up 7,800 of the purchases, and Canadians, who accounted for 1,600.
The data further revealed a significant interest in residential properties among foreign buyers, with over 12,000 foreigners purchasing homes, including apartments, last year. This segment of transactions by non-Koreans constituted 1.21 percent of the total residential market. Notably, the city of Incheon, located 27 kilometers west of Seoul, saw the highest proportion of foreign transactions, with non-Korean buyers accounting for 2.09 percent of all residential sales. South Chungcheong Province and Gyeonggi Province also recorded substantial foreign buyer participation rates of 1.74 percent and 1.68 percent, respectively.
This surge in foreign investment in South Korea's real estate market reflects a broader trend of increasing international interest in the country's property sector, with specific regions attracting more non-Korean buyers than others.
PYONGYANG - A North Korean diplomatic team, headed by Vice Foreign Minister Pak Myong-ho, set off for Mongolia, marking a notable venture as reported by the state-run Rodong Sinmun on Sunday. The delegation departed from Pyongyang International Airport on Saturday, embarking on a trip whose objectives were not detailed by the North Korean media outlet.According to Yonhap News Agency, this visit to Mongolia is the first of its kind since the global outbreak of COVID-19 in early 2020, indicating a step towards resuming international diplomatic engagements by North Korea. Prior to this, the last recorded delegation to Mongolia from North Korea was in 2019, underscoring the significance of this development amid ongoing global health concerns.
The journey is perceived as an effort by North Korea to fortify relationships with countries it has historically been aligned with. Mongolia, known for maintaining its diplomatic mission in Pyongyang throughout the pandemic despite severe border controls, is considered one of these allies.
The visit follows the January event where Mongolia’s newly appointed top envoy to Pyongyang, Luvsantseren Erdeneddavaa, presented his credentials to the North Korean government, further illustrating the continuous diplomatic interactions between the two nations.