Korean Real Estate Restrictions Eased: The government...

Korean Real Estate Restrictions Eased: The government of South Korea issued new guidelines that partially remove restrictions on foreign real estate purchases. Individuals may now buy hotels, motels, gas stations, supermarkets, golf courses, health clubs, bowling alleys and farms or other agricultural properties. However, they are prohibited from investing in “luxurious” properties such as condominiums and apartments. Individuals and companies must report all transactions to the Bank of Korea, which must approve any deal over $2 million.