Overview

• Foreign buyers must obtain prior approval to purchase homes in designated Seoul‑metro zones beginning Aug. 26 under a one‑year regime that authorities may extend depending on market conditions.
• Approved purchasers must move into the property within four months of the contract and reside there for at least two years, effectively shutting out nonresident speculative purchases.
• The permit zones cover all of Seoul as well as most of Gyeonggi and selected districts in Incheon, with specific areas excluded as listed by the land ministry.
• The scope extends beyond apartments to detached houses, town houses and multifamily homes, while commercial buildings such as officetels remain excluded.
• Violations can draw fines up to 10% of the purchase price and possible contract nullification, and deals funded from overseas require pre‑closing approval plus a detailed transaction report within 30 days.