To counter speculation and illicit land transactions by foreigners in Korea, the government has launched a thorough investigation. This broadens the scope of the probe into speculative house transactions that were done last year by foreign nationals. The inquiry will be carried out in close collaboration with the Ministry of Justice, National Tax Service, Korea Customs Service, and other relevant governmental authorities, according to a statement from the Ministry of Land, Infrastructure, and Transport of Korea. In addition, it was mentioned that 14,938 foreigners bought land in Korea from 2017 to 2022, and 920 of those transactions are suspected of being speculative.

When offenses are found, the ministry intends to alert pertinent organizations including the National Tax Service, the Financial Services Commission, and local governments so that sanctions like fines may be imposed. The probe will be broadened to encompass non-housing transactions and dual-purpose facilities used for both commercial and residential purposes, a ministry official said. Additional investigations will be carried out when anomalous patterns in foreign speculation are discovered.

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