Condominium Purchases - Foreign Nationals
As of 12 September 2014, foreign nationals can buy condominiums in areas of the country eligible for the 'immigration through reall estate investment' system. The Tourism Promotion Act Enforcement Decree was amended in order to attract foreign capital to areas eligible for the 'immigration through real estate investment system' by easing regulations on the sale of condominiums to foreign investors.
Condominiums in the following tourism areas can now be sold to individual foreign buyers (this includes ethnic Koreans with foreign passports as well as non-Koreans):
Jeju Special Self-governing Province;
Daegwallyeong Alpensia Tourism Complex in Pyeongchang,
Yeosu Gyeongdo Marine Tourism Complex in South Jeolla Province (Jeollanamdo);
Songdo District and part of Yeongjong District in the Incheon Free Economic Zone;
Cheongna International City;
Busan Haeundae Tourism Complex;
East Busan Tourism Complex.
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Last Updated on 2014-10-07
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