SEOUL, May 28 (Korea Bizwire) – For the first quarter of this year, the Chinese bought the largest amount of land in Korea of all nationalities. The Ministry of Land, Infrastructure, and Transportation said on May 28 that the total foreign land holdings as of the end of March were 227.44 square kilometers, accounting for about 0.22 percent of the nation’s total land area of 101.888 square kilometers. The value in terms of publicly announced land prices was 33,035.2 billion won.
In the last quarter, foreigners bought 3.52 million square meters of land while selling off 2.01 million square meters of land in Korea. The net amount has increased by 1.51 million square meters, with the value rising by 592.8 billion won, up 0.67 percent and 1.83 percent, respectively, from the previous quarter.
By nationality of the landowners, the Chinese took the largest portion with 830,000 square meters during the January-March period. The net amount has risen by 780,000 square meters as they sold 50,000 square meters of land. It was then followed by Americans whose land holdings were 420,000 square meters. Landowners of different nationalities such as Europeans and the Japanese accounted for 330,000 square meters and 40,000 square meters, respectively.
As of the end of the first quarter, Americans took the largest land in Korea, accounting for 53.8 percent of the land, or 122.73 square kilometers, owned by foreigners. It was followed by Europeans (10.7%), the Japanese (7.5%), and the Chinese (3.5%). Even though the land area held by the Chinese is small, the pace at which they buy up land plots is rising rapidly.
By status of foreign land buyers, foreigners of Korean heritage (55.3%), followed by joint ventures (32.0%), all-foreign corporations (7.2%), and foreigners (5.3%). By type of land, forests and farmlands took the largest share of 59 percent at 134.25 square kilometers.
Written by Sean Chung (firstname.lastname@example.org)