It was found that the amount of money people in Korea remitted overseas to purchase real estate last year reached 880 billion won. This is a record high in seven years. Analysts said the increase was driven by more people turning to overseas real estate in the United States and Japan as real estate regulations tightened.
According to data submitted by People Power Party lawmaker Lee Yang-soo of the National Policy Committee from the Bank of Korea on the 24th, the amount of money domestic residents remitted overseas last year to acquire real estate came to $590.5 million (about 880 billion won). This is the highest since 2018 ($625.9 million). Compared with 2023, the most recent low at $366.8 million, it surged 61% in two years.
By country, the United States accounted for the largest share at $375.4 million, followed by Japan at $77.7 million, the United Arab Emirates (UAE) at $34.4 million, and Canada at $16 million.
The number of overseas remittances by domestic residents to acquire overseas real estate last year totaled 1,930. The United States had the most with 798, followed by the UAE with 215, Japan with 169, and Malaysia with 120.
Lee Yang-soo said, "Investment fever is strong, with remittances for overseas real estate acquisitions hitting a record high in seven years," adding, "Because overseas real estate conditions can change rapidly depending on local variables, the government needs to manage them well to prevent investor losses."