Lee Un-joo, a Supreme Council member of the Democratic Party of Korea, emphasized during the Supreme Council meeting on the 4th that "real estate regulations must be applied strictly in accordance with the principle of reciprocity, and there should be no reverse discrimination against nationals." She also noted, "I will submit the relevant bill."
According to statistics from the Ministry of Land, Infrastructure and Transport, the number of dwellings owned by foreigners in Korea was 100,216 at the end of 2024, representing a 9.6% increase from a year earlier. Of this, 56% was reported to be owned by Chinese nationals. In Seoul, the number of dwellings owned by foreigners increased by nearly 5%, with 72.7% concentrated in the metropolitan area.
The Supreme Council member pointed out that "there are many gaps in the regulations on our country's real estate that do not apply to foreigners, and the entry barriers are low." She added, "It is particularly difficult to properly identify multi-homeowners among foreigners, and it is also very challenging to ascertain the sources of funding regarding loan regulations."
In fact, it is noted as a problem that foreigners either do not fall under the application of domestic loan regulations or that the funding channels for overseas funding are opaque, making it difficult for regulatory authorities to identify the sources of funding. Consequently, there are criticisms that the phenomenon of "reverse discrimination," allowing foreigners to evade regulations compared to nationals, is deepening.
The Supreme Council member stated, "There are concerns about illegal funds being brought in and money laundering," and also mentioned that "many foreigners are increasingly converting real estate purchases into high-price monthly rents in the jeonse rental market."
The Supreme Council member reiterated her commitment to pursuing legislation for resolving reverse discrimination against nationals and establishing a transparent transaction order, stating that "real estate regulations must be applied strictly in accordance with the principle of reciprocity." Currently, there are multiple bills proposed in the National Assembly to introduce a foreign land transaction permit system and mandate the principle of reciprocity.