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‘Half’ of the land owned by foreigners in Gangwon-do is Chinese… what reason?

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2023.4.17/News 1

It was investigated that the land area owned by foreigners in Gangwon-do was the 4th largest in the country.

According to the ‘Statistics on Land and Housing Ownership by Foreigners’ released by the Ministry of Land, Infrastructure and Transport on the 3rd, as of the end of last year, the land owned by foreigners in Gangwon-do was 24,178,000㎡. This is 8.3 times higher when converted to the area of ​​Yeouido (2.9 million square meters).

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As of the end of last year, the total land area owned by foreigners was 264.01 million square meters, of which land in the Gangwon area accounted for 9.15%. This is the fourth largest figure in Gyeonggi (18.4%), Jeonnam (14.8%), and Gyeongbuk (14.0%) nationwide.

The official land price of land owned by foreigners in the province increased by 4.1% from 286.7 billion won in 2021 to 298.4 billion won last year.

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A total of 2,484 cases in Gangwon-do over the past five years (2018-2022) of ‘foreign real estate (including collective buildings, land, and buildings) ownership transfer registration (sale)’. Among them, the nationality of Chinese was the highest with 1,152 cases, accounting for 46.4% of the total. Americans followed with 763 cases (30.7%).

In particular, foreign home ownership statistics were released for the first time in accordance with a national project. There are 1474 houses in the Gangwon area owned by foreigners. There are a total of 1032 apartments, including 258 in Wonju, 178 in Chuncheon, and 169 in Gangneung. Detached houses were counted in the order of Gangneung-si (56 households), Chuncheon-si (54 households), and Hoengseong-gun (49 households).

An official from a real estate agent in the province said, “I know that foreigners approached the real estate market with interest in Gangwon-do before and after the 2018 Pyeongchang Olympics.”

Kim Se-gi, head of the Chuncheon branch of the Korea Real Estate Agency, said, “In Gangwon-do, it is estimated that Chinese people own low-cost housing while working as workers and housekeepers.” did.

He added, “There may be negative effects, such as short-term gains and exits, resulting in bubbles in the region and damage to locals, but so far, no signs of danger have been detected in Gangwon-do.”

“In the future, Gangwon-do and local governments need to closely analyze the land and housing status of foreigners based on the statistical information of the Ministry of Land, Infrastructure and Transport and respond early,” he advised.

(Gangwon = News 1)

Source: Donga

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