[Edaily LEE JUNGHYUN Jeong Yun-ji Reporter] It has been revealed that rental income earned by “foreign landlords” collecting rent in South Korea has surged to 84.2 billion won in a single year. The number of homes owned by foreigners surpassed 100,000 in 2024, and rental income in 2024 increased by 32% compared to 2021. Even as the government tightens taxation on non-residential properties, the number of homes owned by foreigners and their rental income appear to be steadily increasing each year.

According to data submitted on the 23rd by the National Tax Service to the office of Rep. Kim Mi-ae of the People Power Party, a member of the National Assembly’s Land, Infrastructure, and Transport Committee, the number of foreign nationals who reported housing rental income for the 2024 tax year totaled 2,435. The total rental income they reported amounted to 84.2 billion won. Data for 2025 is not yet available.

Residential rental income from foreigners has been on an upward trend every year. The total income, which stood at 63.8 billion won in 2021, rose to 65.1 billion won in 2022, 74.4 billion won in 2023, and 84.2 billion won in 2024. Compared to 2021, this represents an increase of 20.4 billion won over four years, a 32% rise.

The annual growth rate has also accelerated recently. While it rose by only 2% in 2022 compared to the previous year, it increased by 14.3% in 2023 and 13.2% in 2024. This marks two consecutive years of double-digit growth.

The number of foreign nationals reporting rental income has also risen. The number of filers, which stood at 1,965 in 2021, increased to 2,116 in 2022, 2,230 in 2023, and 2,435 in 2024. The average reported rental income per person also rose. In 2021, the average rental income per person was approximately 32.47 million won, but by 2024, it had risen to approximately 34.58 million won—a 6.5% increase over the four-year period.

The number of homes owned by foreigners in Korea continues to rise. According to data submitted to Representative Kim by the Korea Real Estate Board, the number of apartments and single-family homes owned by foreigners rose from 83,512 units in the second half of 2022 to surpass 100,000 units for the first time in the second half of 2024, and further increased to 108,231 units in the second half of last year. This represents an increase of 24,719 households, or 29.6%, over a three-year period. In the second half of last year, 78,206 households—72.3% of all foreign-owned homes—were concentrated in the Seoul Metropolitan Area.

Some have pointed out that this phenomenon may stem from disparities in regulatory fairness between Korean nationals and foreigners. The government has long sought to encourage home ownership for actual residency by tightening loan regulations targeting multiple-home owners and “gap investors,” as well as by increasing taxes on non-residential properties.

While regulations on home purchases and ownership by Korean nationals have been tightened, it is pointed out that foreigners can circumvent these regulations to a certain extent by securing funds through overseas financial institutions. There are increasing cases of foreigners taking advantage of these “regulatory loopholes” to purchase domestic homes and generate rental income.

Nevertheless, reporting statistics by nationality or region, as well as data on whether high-income rental earners are being taxed, are not being tracked separately.

Rep. Kim pointed out, “Although the scale of foreign-owned housing in Korea and reported rental income continues to grow, the reporting status by nationality and region, as well as the taxation status of high-income rental earners, remains unverified,” adding, “Without basic statistics, there will inevitably be limitations in verifying whether taxation on foreign rental income is being carried out fairly.”

Rep. Kim went on to say, “To prevent issues of tax equity between Korean nationals and foreigners, the National Tax Service and the Ministry of Land, Infrastructure, and Transport must establish a management system that allows for the linkage and analysis of data on foreign home ownership and rental income reporting.”