Can foreigners buy property in Korea?

Yes, foreigners can buy real estate in Korea with relatively few restrictions. Here is what you need to know. Who can buy: - Any foreigner, regardless of visa status or residency - Non-residents can buy, though financing is harder - No restrictions on the type of property (apartment, house, commercial, land) Process: 1. Find property through a licensed agent (부동산) 2. Sign a purchase contract 3. Register the purchase with the local government within 60 days 4. If you are a non-resident, you must also report to the Bank of Korea for transactions over $50,000 Financing: - Korean banks will lend to foreigners with E-7, F-2, F-5, or F-6 visa status - Typical LTV (loan-to-value) ratio: 40-60% for foreigners - Interest rates: 3.5-5.5% (2026) - Non-residents face much stricter lending requirements Taxes: - Acquisition tax: 1-3% of property value - Property tax: 0.1-0.4% annually - Capital gains tax: 6-45% (progressive, with extra surcharge for non-residents who hold less than 2 years) Restrictions: - Military zones near the DMZ may restrict foreign ownership - Agricultural land requires additional permits - Some areas designated as 'speculation zones' have stricter lending rules for everyone Investment considerations: while foreigners can buy property, we generally advise against using jeonse as an investment strategy due to the real fraud risks. If you are buying as an investment (rental income), be aware that rental yields in Seoul average 2-4% (low by global standards), capital appreciation has been volatile since the 2022-2023 correction, and tax treatment for non-resident landlords can be complex. Consult a tax advisor before buying, as the Korea-US tax treaty affects how property income is taxed for American citizens.