It has been confirmed that a foreigner purchased the Apgujeong Hyundai Apartments in Gangnam District, Seoul, at a high price just before the government regulations were implemented.
According to the actual transaction disclosure system of the Ministry of Land, Infrastructure and Transport and court registries on the 1st, a unit of the Apgujeong Hyundai Apartments in Apgujeong-dong, Gangnam District, Seoul, with a dedicated area of 198.41㎡ (60 pyeong, 9th floor) was traded for 10.5 billion won on April 23rd. The transaction was made through a private brokerage, and the buyer is presumed to be a 39-year-old American national identified as Mr. A, who is of Korean descent.
Mr. A completed the transfer of ownership registration for the apartment on the 20th of last month and also set up a mortgage worth 6.27 billion won with NongHyup Bank as the creditor on the same day. It is presumed that Mr. A purchased the dwelling with a loan.
Earlier, the government designated all of Seoul and seven districts in Incheon, as well as 23 cities and counties in Gyeonggi Province, as areas requiring approval for foreign land transactions starting from August 26th. As a result, foreigners wishing to purchase dwellings with a dedicated area of 6㎡ or more must obtain permission from local governments and are required to reside for two years after moving in within four months. Additionally, a requirement to disclose the source of overseas funds was added when submitting funding plans.
However, Mr. A's transaction was completed before the implementation of the regulations, so the obligations for moving in and actual residence do not apply. He was also excluded from the scope of the 6·27 policy, which limits the mortgage loan to 600 million won.