Travel Reference
In-Depth Information
generally see his or her job as done, and it will be largely up to you to navigate any future
disputes or issues you may have with the owner.
apartment courtyard, Seoul
There are no real restrictions on foreign nationals buying property in South Korea, and most
buyers go about it the same way as renters, by browsing the listings of property agents in
their area of focus. The main difference is that prices are high for what you get—most Seoul
apartments seen as desirable start in the 300 million to 500 million won range, enough to
buy a sizable house in many other countries—and access to financing from local banks is
very limited, especially if you don't work for a multinational or don't have a local signific-
ant other.
If you do decide to buy a place outright, you'll need to pay commissions, legal fees, and
registration and acquisition taxes that will add around 20 percent to the property's purchase
price, and complete a transfer of ownership registration at the nearest district office. Non-
residents of South Korea will also have to show that the funds for the purchase came from
outside the country and register the transaction with the local land authorities.
