The People Power Party has decided to push for the “Foreign Property Acquisition Management Act” as a party policy in response to the so-called “6.27 Loan Regulation.”
Kwon Young-jin, the head of the People Power Party’s Real Estate Market Stabilization Response Task Force, held a press conference at the National Assembly today (31st) and announced, “We have prepared a ‘Partial Amendment to the Act on Reporting Real Estate Transactions’ to strengthen the requirements for foreign property acquisition and regulate and manage the acquisition, holding, and transfer stages. We aim to promote this as a party bill by August.”
The amendment includes the following provisions: ▲ Establishment of a management system for foreign property purchase and transaction information ▲ Introduction of a permit system for foreign real estate transactions ▲ Special management of land transactions near national infrastructures or security-related facilities ▲ Obligations on foreign buyers that include residency requirements.
Kwon stated, “As housing opportunities are being blocked due to the 6.27 government loan regulation, many citizens are frustrated seeing foreigners still purchasing real estate without any barriers.”
He further added, “Following the 6.27 loan regulation, foreign ownership transfer registration applications in Seoul alone increased by 16.2%, while applications from Korean citizens decreased by 16.1% during the same period.”
He continued, “The larger issue is that speculative purchases by foreigners are driving up market prices and disrupting transaction order. We must address the unreasonable problems caused by regulatory disparities between locals and foreigners to eliminate discrimination and protect housing market stability and citizens’ housing rights.”
Earlier this morning, the People Power Party held a “Forum on Foreign Real Estate Status Check and Prevention of Reverse Discrimination” at the National Assembly.
Song Eon-seok, Emergency Response Committee Chairman and Floor Leader of the People Power Party, stated at the forum, “The government still has not presented any fundamental measures against reverse discrimination towards nationals.”
Chairman Song said, “In the People Power Party, we aim to enact effective legislation, such as mandating residency verification for foreigners, requiring prior approval for foreign real estate transactions, and amending the Real Estate Transaction Reporting Act to restrict the acquisition of domestic properties by foreigners from countries that do not guarantee our citizens’ rights, in accordance with the principle of reciprocity.”
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