Incheon Free Economic Zone said it has launched a consultation service to support foreign homebuyers navigate land transaction permits in Songdo.
The new service, called “Sweet Home Guide,” is designed to help foreigners comply with Korea’s Land Transaction Permit System, which requires buyers to move into properties within four months of purchase, and maintain actual residency there for at least two years.
Songdo is designated as a land transaction permit zone under the Act on Report on Real Estate Transactions, meaning prior approval is required when buying property there.
IFEZ said the program aims to simplify complex administrative procedures and assist foreign nationals unfamiliar with local regulations and documentation requirements, while preventing speculative transactions.
Foreign buyers often face difficulties due to language barriers and regulatory complexity. The introduction of stricter requirements, including mandatory submission of funding plans since February, has further increased the need for professional guidance.
Under the program, IFEZ will provide end-to-end support, including one-on-one consultations, assistance with permit applications and guidance on post-purchase obligations.
Authorities will also strengthen oversight to ensure compliance. Buyers will be clearly informed of the two-year residency requirement, along with potential penalties such as fines for violations.
“We hope this service serves as a practical guide for foreign nationals seeking to settle in Songdo,” said Lee Eun-jin, head of IFEZ’s urban architecture department. “We will continue to build a transparent and reliable real estate environment.”
By Lee Hong-seok and Lee Han-gyoul
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