Suwon Extends 'Foreign Land Transaction Permit Zone' for One Year… Blocks Speculative Housing Transactions

Suwon announced that the designation period for foreign land transaction permit zones across the entire city has been extended for one year, from the 26th of this month through August 25, 2027. This follows a re-designation measure by the Ministry of Land, Infrastructure and Transport.

The target area covers all four districts of Suwon: Jangan, Gwonseon, Paldal, and Yeongtong. Among single-family homes, multi-unit residences, multi-family homes, townhouses, and apartments purchased by foreigners, transactions in residential areas exceeding 6㎡ and in commercial areas exceeding 15㎡ require permits.

According to the Ministry of Land, Infrastructure and Transport, foreign housing transaction volume in the Seoul metropolitan area from September last year through June this year totaled 4,397 cases, a 27% decrease compared to the same period the previous year. Within Gyeonggi Province, Suwon ranked fourth in foreign housing transactions, following Ansan, Bucheon, and Pyeongtaek.

Suwon plans to use this re-designation opportunity to block speculative housing transactions by foreigners and strengthen monitoring of irregular transactions.

An official from Suwon stated, "We will preemptively block speculative transactions and carefully monitor irregular dealings," adding "We will do our utmost to ensure residential stability for citizens and create a sound real estate market."