Seoul: Home purchases among foreigners in Seoul have been more than halved following the government's designation of the entire city as a real estate transaction permit zone for foreign nationals, government data showed Thursday. The land ministry said it analyzed housing transactions data in the greater Seoul area during the September-December period, following the permit requirement rule imposed on foreigners in late August. The measure requires foreign nationals to obtain prior approval to purchase homes in designated areas for one year through Aug. 25.

According to Yonhap News Agency, foreign home transactions across the capital region fell 35 percent to 1,481 deals from 2,279 deals in the previous year. Seoul posted the steepest decline, marking a 51 percent on-year drop to 243 deals from 496, followed by Gyeonggi Province and Incheon, which recorded 30 percent and 33 percent declines, respectively.

In particular, foreign property deals in Seoul's affluent Gangnam, Seocho, Songpa, and Yongsan districts combined tumbled 65 percent, the ministry said. By nationality, purchases by Chinese nationals declined 32 percent on-year to 1,053 units, while those by U.S. nationals dropped 45 percent to 208.