Questions & Answers

Yes, the law does allow foreigners to buy property in Korea (this was not allowed for many years prior to 1998) but today both foreign individuals and companies can buy property in Korea). However, it may be more complicated than the process you might undergo in your home country. You can expect that you will probably be charged more for the property than a Korean buyer would be - however, if you do your due diligence and research the net for properties in the same area (even if the information is in Korean) that is less likely to be the case.

In principle it is possible to get a 'mortgage' although many foreign nationals report having difficulty doing so.

The situation may be a little different in some of the new ‘free economic zones’ but there are conditions for purchase there as well, including but not limited to:
1. you cannot already own property in Korea;
2. you must be working for a company located in the free economic zone;
3. you must live in the property yourself. It is also difficult, outside the free economic zones, to make a profit on the property. 

The situation for foreign owners has improved in recent years as the country has gotten used to fact that the law allows foreign ownership of property in Korea. You will find information on the process for buying property as well as the formula used for 'mortgage' loans in the K4E Moving to Korea section, under Housing. Scroll down to the bottom of the page for other related subject.

As of the first quarter of 2011, according to the Ministry of Land, Transport and Maritime Affairs, foreign nationals held 0.2% of the country's total land. South koreans with foreign passports accounted for 49.2% of  foreign landowners, followed by foreign investors with 36%. The United States accounted for 47.3 of overseas ownership, European Union nations with 15% and Japan 8.7% (these include ethnic Koreans).

K4E Editor: Korea4Expats.com tries to ensure that the information we provide is accurate and complete, so should you notice any errors or omissions in the content above please contact us at info@korea4expats.com.