Seoul: The government has announced its commitment to implementing stringent measures against illegal real estate transactions by foreigners, emphasizing the adverse impact these activities have on the housing market and local citizens.

According to Yonhap News Agency, a real estate monitoring team under the Office for Government Policy Coordination convened a meeting with relevant agencies. During this meeting, the land ministry disclosed 210 suspected cases of illegal real estate transactions involving foreigners, recorded from June 2024 to last May.

The government outlined plans to address these cases by initiating tax inspections, referring cases to prosecution, and retrieving loans. Additionally, officials are considering tougher legal measures to combat such illegal activities, including requiring foreigners to disclose overseas funding plans when making home purchases.

The breakdown of these suspected illegal cases by nationality includes 125 cases involving Chinese nationals, 78 Americans, 21 Australians, and 14 Canadians. Regionally, 89 of the cases were connected to purchases in Seoul, 63 in Gyeonggi Province, 51 in South Chungcheong Province, and 38 in Incheon.