Seoul extends approval requirement for foreign homebuyers

South Korea will extend by one year a rule requiring foreign nationals to obtain government approval before buying homes in Seoul and much of the surrounding capital region, as authorities seek to curb speculative purchases and rising housing prices. The Ministry of Land, Infrastructure and Transport said Thursday that foreign-buyer land transaction permit zones, first designated last August, will remain in effect from Aug. 26 through Aug. 25, 2027. The restrictions cover all of Seoul and 23 cit