Buy Property in South Korea: Listings, Costs and Rules for Foreign Buyers

Commercial buildings are the largest group in our feed. These range from small mixed-use buildings with shops on the ground floor to office and hospitality assets. Browse them on the commercial property page. Income is usually quoted per building rather than per unit, and tenancy structures can be unfamiliar, because Korean leases often involve large refundable deposits.

Land is the second group, and the land page is where you will see plots of very different character. Zoning decides everything: farmland, forest land and building land follow different rules, and farmland purchases carry extra restrictions.

Houses make up the smallest group. The houses for sale in South Korea page lists detached and rural homes. Remember that most Koreans live in large apartment complexes, called apartu, which are less commonly marketed to overseas buyers through portals like ours.

Korea is one of the more open Asian markets. Foreigners can generally own homes and commercial buildings on the same legal basis as citizens, subject to reporting duties and some location-based permits.

1. Set your budget and purpose. Residence, investment and commercial use are taxed differently, so decide first.
2. Hire a licensed real estate agent and a lawyer. Agents (gongin junggaesa) are regulated and their commission is capped by local ordinance. Use an English-speaking lawyer for the contract review.
3. Check title and encumbrances. Your lawyer pulls the registry (deungi) to confirm ownership, mortgages and liens, and checks the building register for illegal extensions.
4. Sign the sale contract and pay the deposit. A deposit of about 10% is customary. The balance is paid at completion.
5. Report the acquisition. Foreign buyers must report the purchase to the local authority under the real estate transaction reporting rules within a short statutory window, and file a foreign-exchange report if funds come from abroad.
6. Register the transfer and pay acquisition tax within the deadline. Registration is usually handled by a judicial scrivener (beopmusa).

Certain locations, such as military protection zones, ecologically sensitive areas and designated land-transaction permit zones, may require prior permission for foreigners. Rules for permit zones have been tightened in recent years, so ask your lawyer to check the exact parcel before you pay anything.

Rates below are approximate and change often. Verify locally before committing.

Mortgages are controlled tightly by regulators, and loan-to-value and debt-service limits are adjusted by government policy as housing prices move. Korean banks lend mainly to residents with local income, so most overseas buyers pay cash or use equity from their home country. Non-resident loans, where offered, tend to be smaller and carry higher rates.

If you intend to live in the country, a long-term visa and a local credit history make a big difference. Whatever route you take, model the numbers in our mortgage calculator and read the South Korea financing guide. One Korean peculiarity is the jeonse lease, where a tenant pays a lump-sum deposit instead of monthly rent. It shapes how landlords fund their purchases and how investors calculate returns.

Buying a home does not by itself give you the right to live in Korea. However, Jeju Island and some designated resort developments have offered a residence visa (the F-2 or F-5 route) for foreigners who invest above a set threshold in qualifying resort property. Thresholds and eligible projects change, so confirm with the immigration office before relying on this route.

For most buyers, a work, retirement, business or marriage visa is the practical path. Our consultation page for South Korea walks through the professionals you will need, and the market analysis gives broader context.

Pros

• Open rules: foreigners can generally own freehold property.
• Transparent registry and building records.
• Strong infrastructure, high safety and a deep rental culture.
• Commercial and land opportunities that suit investors with local partners.

Cons

• High entry prices in Seoul and the main metros.
• Heavy surtaxes for owning several homes.
• Limited mortgage access for non-residents.
• Language barrier in contracts and the registry.
• Permit requirements in some zones.