Half of foreign-owned apartments in Seoul belong to Americans, followed by Chinese

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As of December 2024, Americans owned 5,678 apartments in the South Korean capital.

PHOTO: REUTERS

SEOUL – US nationals own nearly half of all foreign-held apartments in Seoul, with a strong bias for high-value areas of the South Korean capital, data shows.

Figures compiled by the Korea Real Estate Board and disclosed by Representative Jeong Jun-ho of the ruling Democratic Party of Korea show that as of December 2024, Americans owned 5,678 apartments in the capital.

That represented 45 per cent of the 12,516 units held by foreigners. Their preference was overwhelmingly tilted toward high-value neighborhoods.

In the three Gangnam districts of Gangnam-gu, Seocho-gu and Songpa-gu, Americans owned 2,228 apartments.

In central Mapo-gu, Yongsan-gu and Seongdong-gu they owned 1,266.

Chinese buyers, the second-largest group, held 2,536 apartments.

Unlike Americans, their purchases were concentrated in Guro-gu (610 units) and Yeongdeungpo-gu (284),with smaller numbers in Dongdaemun-gu (150) and Geumcheon-gu (138). Only 159 were located in Gangnam-gu.

Local analysts say the pattern is tied to established Chinese communities in south-western Seoul, where buyers prefer to live near existing networks.

US and Chinese nationals were followed by Canadian citizens with 1,831 apartments, Taiwanese with 790 and Australians with 500 apartments.

A significant share of the most expensive apartments in districts like Gangnam-gu and Yongsan-gu are believed to belong to members of the Korean diaspora.

Earlier in August, the National Tax Service reported that 40 per cent of foreigners investigated for improper acquisitions were of Korean descent.

The release of the figures comes just as regulatory changes set to take effect on Aug 26 will

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