Uzbek Citizen Purchases Luxury Apartment in Seoul for Over $5 Million in Cash
An Uzbek citizen has purchased a high-end apartment in Seoul, South Korea, for 7.4 billion won (approximately $5.09 million), according to a report by the Korean publication Choson Biz. The property is located in Banpo Xi, a prestigious residential complex in Banpo-dong, Seocho-gu, Seoul. With a dedicated area of 244 square meters, the apartment was sold at the highest recorded price for the complex, surpassing the previous record by 300 million won. The transaction took place in November last year. The buyer, a 41-year-old Uzbek national whose given address is in Tashkent and is identified only as "A", is registered under the “Korea-Uzbekistan Traditional Medicine Clinic” in Tashkent, a center that promotes traditional medicine and provides acupuncture training for Uzbek doctors. Official records indicate that the property transfer was registered on the 28th. Reports suggest that the buyer paid the full amount in cash, as no mortgage was listed on the property deed. Banpo Xi, a large residential complex with 3,410 units, is also home to several South Korean celebrities, including comedian Park Jun-hyung, Kim Ji-hye, and actress Yeo Jeong-a. The purchase comes amid a rising trend of foreign real estate investment in South Korea. As of June 2023, nearly 100,000 housing units in the country were owned by foreigners, according to the Ministry of Land, Infrastructure, and Transport. Chinese buyers lead the list, owning 52,798 units (55.5%), followed by U.S. nationals with 21,360 units (22.5%). Canadians hold 6,225 units (6.5%), while Taiwanese and Australians own 3,307 (3.5%) and 1,894 (2.0%) units, respectively.
