The government will strengthen its inspection of real estate transactions by foreigners, including the illegal flow of funds and unqualified nonresidents operating as rental housing owners.

During a ministerial meeting on the real estate market Wednesday, Finance Minister Hong Nam-ki revealed plans to prevent unlawful activities related to nonresidents' property acquisitions.

First, the government will monitor around-the-clock whether or not funds used in real estate transactions by foreigners are legitimate.  

To this end, the Bank of Korea will be required to send Korea Customs Service reports on foreigners’ real estate acquisitions every month. A related data sharing system will be set up by March. 

Second, foreigners will be obligated to state their sojourn status or period when registering as operators of rental housing, effective in January. It will not allow non-Koreans on student or short-term visas to register as operators.

Hong said any suspected illicit activities discovered in the beefed up inspection process will be sternly dealt with via separate probes conducted with Korea Customs Service and the National Police Agency.