Starting August 26, foreigners who wish to purchase homes in Seoul, as well as designated areas of Incheon and Gyeonggi Province, will be required to obtain local government approval and live in the property for at least two years.

The Ministry of Land, Infrastructure and Transport (MOLIT) announced that all of Seoul, seven districts in Incheon including Jung-gu and Yeonsu-gu and 23 cities and counties in Gyeonggi, such as Suwon, Seongnam, Goyang, and Yongin, have been designated as foreign land transaction permission zones.

Under the new rules, foreigners must move into the purchased property within four months of approval and maintain residency for two years. The policy, aimed at curbing speculative real estate purchases, will be enforced for one year until August 25, 2026, though the government may extend it depending on market conditions.

If violations occur, local authorities will issue compliance orders within three months, with repeat offenders facing fines of up to 10% of the property’s acquisition cost until the obligation is met.