Mandatory Application of the Principle of Reciprocity
Introduction of a Permit System in Speculative Overheated Districts
Measures to Address Reverse Discrimination Against Korean Citizens
On June 17, Kim MiAe, a member of the People Power Party, proposed a partial amendment to the Act on Report of Real Estate Transactions and Others, aiming to curb indiscriminate real estate speculation by foreigners and to address reverse discrimination against Korean citizens.
The amendment bill proposed by Representative Kim mandates the application of the principle of reciprocity regarding real estate acquisition by foreigners. In cases where a foreign country prohibits or restricts Korean citizens from acquiring real estate, the bill would allow South Korea to similarly restrict foreigners from those countries from acquiring real estate within Korea.
On the 29th, at the 4th meeting of the People Power Party's Task Force to Resolve the Pediatric and Adolescent Medical Crisis held at the National Assembly, TF Chairwoman MiAe Kim is speaking. Photo by Hyunmin Kim kimhyun81@
Additionally, the bill requires foreigners to obtain prior approval from the mayor, county governor, or district head when seeking to acquire land in speculative overheated districts or regulated areas. This measure is intended to address the issue where, unlike Korean citizens who face various restrictions such as loan regulations, foreigners have been able to acquire real estate with relative ease.
Representative Kim stated, "While Korean citizens face restrictions on real estate transactions due to loan regulations and permit systems, foreigners have enjoyed relatively unrestricted freedom in transactions. This bill is a minimum safeguard to correct reverse discrimination against our citizens and to protect housing stability for the people."
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