Foreign-owned land in Seoul decreases

The amount of foreign-owned land in Seoul has decreased for the first time in four years, city officials said Wednesday.

Foreigners possessed 3,801,782 square meters of land in the capital as of the end of June. The figure represents the first reduction in the total size of land under foreign ownership since the third quarter of 2006, an official said.

The number of land transactions by foreigners also decreased from 644 in the first quarter of this year to 592 in the second quarter.

Of the land owned by foreigners, some 2 million square meters were for building houses, whereas 777,635 square meters and 117,947 square meters were for commercial and industrial use, respectively, according to the metropolitan government.

By nationality, U.S. citizens took the lion’s share with 2.23 million square meters of land, followed by Canadians with 545,306 square meters.

British, French and German nationals possess a combined 138,650 square meters of land, while Japanese own 101,095 square meters and Chinese have 77,985 square meters.

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