🏠 Buying Your First Home in Korea – Foreigner's Guide (2025)
Thinking about purchasing property in South Korea? Whether you're an expat, student, or long-term resident, buying your first home in Korea can be an achievable goal — but it's important to understand the legal steps and cultural norms.
🔍 Can Foreigners Buy Property in Korea?
Yes, foreigners can legally buy real estate in Korea, including apartments, officetels, land, and villas. There are no nationality-based restrictions, but you must report the purchase within 60 days under the Foreigners’ Land Acquisition Act.
📝 Step-by-Step Process
- Hire a bilingual real estate agent (중개사)
- Choose property (check jeonse vs. purchase options)
- Check legal status (ownership, land use, loans)
- Contract signing with 10% deposit
- Final payment + property transfer registration
Tip: Ask for an English-translated contract or bring a trusted interpreter.
💸 Costs to Prepare For
- Purchase price (typically 5–15% upfront deposit)
- Acquisition tax (1.1%–4.6%)
- Registration fee & legal paperwork (₩1M–₩2M)
- Agent fee (0.3%–0.9%)
- Optional: Mortgage processing fee & insurance
🏦 Financing for Foreigners
Most Korean banks offer mortgages to foreigners with alien registration cards and income proof. However, LTV (Loan to Value) limits may be stricter than for locals. Expect 40–50% LTV in Seoul.
📍 Recommended Areas for First-Time Buyers
- Seoul: Nowon, Gangdong, Gwanak (affordable apartments)
- Gyeonggi: Guri, Bucheon, Suwon (commuter-friendly)
- Busan: Haeundae, Suyeong (coastal expat zones)
📌 Final Advice
Don’t rush into buying because prices seem low or rising. Focus on your long-term plans, visa status, and job security before signing anything. A good agent and due diligence will save you from hidden risks.