Gyeonggi Province announced that, as of December of 2008, foreign-owned land in the province amounted to 36.79k, which is larger than the entire area of Gunpo City (36.36k). The estimated value of all foreign-owned land in the province is approximately KRW 4.9322 trillion. Compared to December of 2007, land owned by foreigners was up by 2.08 million , or 6.0%, while the value of the land increased by KRW 330 billion, or 7.4%.

In terms of distribution by nationality, US and EU citizens accounted for the largest portions with 73% and 9.2%, or 26.84 million §³ and 3.38 million , respectively, followed by Japanese and Chinese citizens with 1.16 million and 0.76 million , or 3.2% and 2.1%, respectively.

*Foreign-Owned Land by City and County: Namyangju (3.05 million )] Pocheon (2.86 million )] Yeoju (2.68 million )] Hwaseong (2.49 million )]….. ¡·Dongducheon (60,000)

Compared to the end of 2007, the amount of land owned by overseas Koreans, foreign corporations, joint corporations, and foreigners increased by 162 million (77.9%), 0.11 million (5.3%), 0.16 million (7.7%), and 0.19 million (9.1%), respectively.

A Gyeonggi Province spokesperson reported projections that land purchases by foreigners will slow slightly in 2009 due to unfavorable economic factors such as the global economic slowdown and sluggish demand in the domestic real estate market.

With the revisions to the Law on Land Possession by Foreigners at the end of December 2008, a number of regulations on land purchases by foreigners have been eased. Starting at the end of June 2009, foreign buyers will no longer need to submit land acquisition registration. The elimination of this bureaucratic process will significantly increase convenience for foreign real estate buyers.