Land owned by foreigners up 2.3 pct last year

SEOUL-- The total amount of South Korean land owned by foreigners increased 2.3 percent in 2016 compared to a year earlier, the government said Sunday.

At the end of 2016, foreign investors owned a total of 234 million square meters of land worth 32.31 trillion won (US$28.5 billion), accounting for 0.2 percent of the country's overall territory, the Ministry of Land, Infrastructure and Transportation said in a statement.

In the previous year, foreigners held 32.57 trillion won worth of land estimated at 228 million square meters. The value of land owned by foreigners fell 0.8 percent during the same period, the latest findings said.

U.S. nationals topped all others in terms of ownership making up 51 percent of all land held by foreigners and 39 percent of its value.

Source: Yonhap News Agency

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