South Korea Property Buying Guide: Reporting, Taxes and Zones

The Act on Report on Real Estate Transactions requires foreigners to report an acquisition of real estate within 60 days of signing the contract (or within 60 days of other forms of acquisition). Foreigners need prior permission only in designated areas, such as military facility zones, cultural heritage zones, ecological conservation areas and wildlife protection areas. Failure to report can lead to fines.

A separate set of land transaction permit zones has been introduced in parts of Seoul and the surrounding region for housing. In such zones, buyers (including foreigners) must obtain permission from the local authority and commit to living in the home. These areas and rules change often, so confirm the status of the specific district with a lawyer or a licensed agent on the day you make an offer.

Our South Korea listings include houses, land and commercial property; each has its own permit considerations.

1. Check the registry (deungi-bu). The real estate registration certificate lists owner, mortgages and seizures.
2. Look at the building ledger. The building register shows legal use and whether any floor is unauthorised.
3. Sign the contract and pay a deposit. The standard deposit is 10 percent.
4. Report the contract. The real-estate-transaction report is filed within 30 days, with the foreigner's land acquisition report within 60 days.
5. Pay the balance and take over. Money moves through bank transfers; the seller hands over keys.
6. Pay the acquisition tax and register. A judicial scrivener (beopmusa) often handles registration at the court.
7. Move in and notify. Foreign residents should also keep their ARC (alien registration) updated.

Tax depends on the property, the owner's number of homes and the area.

Many Korean homes are leased on jeonse, where the tenant pays a large deposit instead of monthly rent and gets it back at the end. For an investor, jeonse can fund the purchase but it creates a liability to return the deposit. If you buy a flat with an existing jeonse tenant, check the deposit amount against the property's value and the seller's liens, because a fall in prices can leave the new owner with a gap. Ask your lawyer to review the lease register and confirm who is liable.

Property alone does not give a right to live in South Korea, with one regional exception: investor schemes tied to tourist and resort developments such as Jeju and Busan have offered residency visas (the F-2 and F-5 categories) when investors meet a minimum investment in the hundreds of millions of won. These programmes are narrow and have been adjusted several times, so check with the immigration authority. A standard long stay typically depends on work, study, marriage or an investor visa. Use the South Korea page for price ranges and budget listings for starting points.

Korean banks may lend to foreigners who hold resident status and local income; loan-to-value and debt-service limits are strict, especially in regulated areas. Non-residents usually pay cash or borrow abroad, and funds must be remitted through licensed banks with documentation. Details and documents are on our South Korea financing page, and the mortgage calculator helps test scenarios.

• Registry: sole owner, mortgage amount, provisional seizures
• Building ledger: legal use and any illegal extension
• Existing leases and deposits on the property
• Reconstruction status for older apartment complexes
• Zone status for permit rules in Seoul and nearby cities
• Maintenance fees and long-term repair reserves
• Whether the building is in a flood-prone or landslide area

• Forgetting the 60-day report
• Overlooking the jeonse deposit tied to the property
• Assuming rules in one district apply across Seoul
• Buying land in a restricted zone without permission
• Using a translator instead of a registered scrivener or lawyer
• Sending funds without bank documentation that proves the source