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Foreign ownership of S. Korean land rises 1.8 pct in H1

All News 10:59 November 30, 2018

SEOUL, Nov. 30 (Yonhap) -- Foreign ownership of South Korean land increased 1.8 percent in the first half of 2018 compared with the end of last year, the transport ministry said Friday.

Foreigners owned 243.25 million square meters, or 0.2 percent, of Korean land in the first half. It was up from 238.90 million square meters at the end of December, the Ministry of Land, Infrastructure and Transport said in a statement.

The value of land held by foreigners also increased 0.5 percent to 30.282 trillion won (US$26.9 billion) from 30.118 trillion won during the same period, it said.

By country, 5 out of 10 foreigners who hold property in Korea were from the United States, with others from Japan, China and Europe, the statement said.

Chinese people had made an aggressive investment in land on Jeju Island, a southern scenic resort island, until 2014, but their land purchases began to fall off in 2015, it said.

The Ministry of Land, Infrastructure and Transport in Sejong, 120 kilometers south of Seoul (Yonhap)


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