Seoul’s housing market is showing signs of cooling, with the percentage of homes purchased by non-residents falling to its lowest level in over three years. According to data released on February 15, 2026, by the Korea Real Estate Board, out-of-town buyers accounted for 19.98% of all apartment transactions in Seoul during December 2025. This marks the lowest figure since October 2022, a period when the real estate market was significantly subdued. The shift comes after the implementation of stricter regulations aimed at curbing speculative investment in the capital city.
The decline in non-resident purchases is largely attributed to the “10·15 measures,” a comprehensive set of real estate regulations introduced by the government in October 2025. These measures designated the entirety of Seoul as a land transaction permit zone, significantly increasing the hurdles for outside investors. The regulations include a two-year residency requirement for sellers and restrictions on “gap investments”—purchasing a property with a loan based on the difference between the current and future value—effectively targeting speculative practices. As reported by Asia Today, the measures have demonstrably impacted the market.
Impact of the 10·15 Measures
The 10·15 measures were designed to address concerns about rapidly rising housing prices in Seoul and to curb speculative investment. Prior to the regulations, Seoul had experienced a surge in property values, fueled in part by investment from outside the city. The government’s intervention aimed to stabilize the market and make housing more accessible to residents. The data suggests the policy is having the intended effect, at least in terms of reducing external investment.
The impact wasn’t immediate. A temporary reprieve occurred in February 2025 when the land transaction permit zone in the Gangnam area was briefly lifted, leading to a spike in non-resident purchases, reaching 25.15%. However, when Gangnam and other districts were re-designated as regulated areas in March, the percentage dropped to 22.79%. A final surge occurred in October, just before the 10·15 measures took effect on October 20th, with non-resident purchases climbing to 24.52% as investors rushed to secure properties before the new rules came into play. But by November, with stricter mortgage limits—ranging from 200 to 600 million won—in place for homes within the regulated zones, the figure fell to 21.52%, and then dipped below 20% in December.
Regional Variations in Investment Trends
The decline in non-resident purchases wasn’t uniform across all of Seoul. Certain districts, particularly those that had experienced the most significant price increases, saw a more pronounced exodus of outside investors. In Seongdong-gu, the percentage of homes purchased by non-residents fell from 27.61% in November to 20.15% in December. Similar declines were observed in Mapo-gu (from 27.07% to 20.97%) and Gangdong-gu (from 29.86% to 23.37%).
Interestingly, the data also reveals a shift in investment patterns among Seoul residents. While non-resident purchases decreased, the number of Seoul residents investing in properties outside the city increased, suggesting that some investors are seeking opportunities in other regions to avoid the stricter regulations in the capital. As reported by iMBC, this trend indicates a potential redistribution of investment across the country.
Looking Ahead: Market Stability and Future Regulations
The recent decline in non-resident purchases in Seoul suggests that the 10·15 measures are achieving their primary goal of curbing speculative investment. However, the long-term effects of these regulations remain to be seen. The government will likely continue to monitor the market closely and adjust its policies as needed to maintain stability and ensure affordability. The next key data release, expected in March 2026, will provide further insights into the evolving dynamics of Seoul’s housing market and the impact of the ongoing regulations.
The current trend highlights the complex interplay between government policy, investor behavior, and regional economic conditions. Understanding these dynamics is crucial for both policymakers and individuals navigating the Korean real estate landscape. Further analysis will be needed to determine whether this cooling trend represents a sustained shift or a temporary adjustment.
Have your say: What impact do you think these regulations will have on the long-term health of the Seoul housing market? Share your thoughts in the comments below.
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