The amount of South Korean land owned by foreign nationals surged by nearly 20 percent over a four-year period ending last year, reaching an area 92 times that of Seoul’s Yeouido area, government data showed Thursday.

According to opposition People Power Party lawmaker Kim Hee-jung, citing data from the land ministry, the number of foreign-held properties increased from 157-thousand-489 in 2020 to 188-thousand-466 in 2024.

In terms of area, foreign holdings grew from two-point-53 billion square meters to two-point-68 billion square meters, while the total assessed value of all foreign-owned land rose from 31-point-four trillion won to 33-point-four trillion won.

That’s about 23-point-55 billion U.S. dollars, up from about 22-point-13 billion U.S. dollars in 2020.

Chinese nationals owned the greatest number of properties, 77-thousand-714, while U.S. nationals held the most land, one-point-43 billion square meters.

Most foreign-owned land consisted of apartments, followed by commercial units, other residential units, leisure space and industrial space.

Rep. Kim urged stricter monitoring of foreign real estate transactions and called for a permit-based land acquisition system, warning that the country must not become a “playground for speculative capital.”