Can foreigners buy apartment in Seoul?

Korea is one of a few Asian countries where you can buy residential and commercial property without restrictions as a foreigner. You are treated on a similar level as locals, something that’s rare for Asian countries.

How much does it cost to own an apartment in Korea?

In general, you should expect to pay around 1.5–2.5 million KRW (130,000–215,000 USD) for a small apartment or a studio in Korea. Prices for bigger accommodation start at about 4 million KRW (340,000 USD).

How much is property tax in Korea?

A property tax ranging from 0.1\% to 4\% is levied on land and buildings for residential and commercial use, vessels, and aircrafts. A comprehensive real estate holding tax, as a national tax, ranging from 0.5\% to 3.2\% is charged on a certain excessive aggregated statutory value of land and houses.

Why is it so hard to get a property loan in Korea?

Due to rapidly increasing property prices recently, especially in Seoul, the Korean Government has made it even more difficult for investors to get property loans. Taxes such as the capital gains tax have been raised as well to cool down the market.

How much does it cost to rent an apartment in Seoul?

As our apartments are already checked you can easily list rooms and book your new rental in Seoul online with Nestpick. How much does it cost to rent student housing in Seoul? If you want to rent a student residence or a student apartment inSeoul, you can expect rent prices between 0 and 1,349,691 KRW, according to Nestpick database,

How to buy property in Seoul?

Buying property in Seoul, or overseas in general, can be a bit tricky. You need help from a solicitor and a real estate agent to find property, finalize the deal and to transfer ownership. Below, I have listed few well-known real estate agents who can help you with buying property in Seoul.

Can a foreigner rent out a house in South Korea?

Yes, you can rent out your property as a foreigner. Even if it’s common that Koreans don’t find their tenants via Real estate agents, I recommend you to do so. As a foreigner, it’s often not easy to navigate and communicate in a foreign country, where language barriers can create issues and misunderstandings.