Referrals of foreign property transactions in Seoul flagged for suspected legal violations rose to 135 last year from 64 in 2024, while cases involving purchases worth at least 3 billion won ($2.2 million) increased to 62 from 29. The increase came as South Korea tightened domestic mortgage rules, raising concerns that foreign buyers with access to overseas funding face fewer financing constraints. Across the country, investigations into suspicious foreign transactions fell from 1,392 in 2023 to 557 in 2024 before rising to 605 last year. Chinese nationals accounted for 184, or 48.0%, of 383 referrals categorized by nationality, followed by U.S. nationals with 107. Foreign ownership of land also expanded, with foreign-held parcels rising 18.6% to 199,003 at the end of last year from 167,725 in 2021. Separately, foreign landlords’ Seoul rental contracts have more than quadrupled over five years, with high-end districts accounting for about 30% of contracts. The government has introduced permit zones, a two-year residency requirement and financing-document rules, while critics argue overseas funding channels continue to create enforcement gaps.