South Korea bans foreign homebuyers to curb soaring housing prices

South Korea has imposed a one-year ban on foreign homebuyers in a bid to cool down surging housing prices in Seoul and surrounding areas. The move comes after a sharp rise in property purchases by buyers from mainland China and Hong Kong, who now own nearly 97,000 properties across the country. The government hopes the measure will stabilize prices and improve affordability for local residents, many of whom face strict mortgage regulations.