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Foreign ownership of S. Korean land inches up 0.3 pct in H1

All Headlines 09:20 December 04, 2017

SEOUL, Dec. 4 (Yonhap) -- Foreign ownership of South Korean land slightly expanded in the first half of 2017 from last year, the government said Monday.

The amount of land owned by foreign entities came to 234.16 million square meters as of end-June, 600,000 square meters, or 0.3 percent up from end-2016, according to the Ministry of Land, Infrastructure and Transport.

The rate of increase has been slowing compared with last year, after surging 6 percent and 9.6 percent on-year in 2014 and 2015, respectively. In 2016, the increase rate stood at 2.3 percent.

The amount of land held by foreigners accounts for 0.2 percent of the country's total area, with the value estimated at 31.85 trillion won (US$29.3 billion), the ministry said.

South Korean expatriates held 53.6 percent of the total land owned by foreign entities, followed by joint ventures with 32.3 percent, and foreign companies and individuals with 8.3 percent and 5.6 percent, respectively, the ministry said.

By nationality, individuals and companies from the United States owned the most with 119 million square meters of land, accounting for 50.9 percent of the total.

Europeans came next with 9.1 percent, followed by Japanese with 7.6 percent and Chinese with 7.3 percent, it said.

By region, land in South Jeolla Province accounted for 16.2 percent of total foreign ownership of land in the country.

The southern resort island of Jeju saw its foreign ownership of land increase 1.14 million square meters, or 5.7 percent, as of end-June, compared with last year, according to the ministry.

This file photo taken April 19, 2017, shows the sky seen from Namsan Park in central Seoul. (Yonhap)

scaaet@yna.co.kr
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