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House       Villa       Apartment       Apt & Store (Residential and Commercial Building)       Building & Office
In Seoul, there are various types of residence. If you are an expatriate who is to reside in Seoul in long or middle term, you are suggested to visit the various types of residence prior to making a decision. We are pleased to inform you the following the various residential type in Seoul
Purchasing

Business areas are spread all over Seoul, and for a foreigner wishing to purchase office or building, it is advisable to seek the assistance of a real estate agent. The price generally depends on the location and the age of the building. A real estate agent will provide additional services like checking all related documents for registration, advice to you about market value and location value, etc. In addition, If a foreigner intends to acquire any land in Korea, in principle, the foreigner can purchase it regardless of the target land’s relevant district office. The foreigner only needs to report to the competent government office after the land acquisition. However, prior approval is required for acquisition of land in a military facility protection zone and cultural property protection zone, ecosystem conservation zone, or some islands that are used for military purposes. But, acquisition of land in Korea by a foreigner or a foreign company of a
country that prohibits purchase of land in such country by a Korean or a Korean company may be prohibited based on reciprocity.

   Introduction to the land acquisition system for foreigners

There are three main laws governing land acquisition by foreigners in Korea. Firstly, the Foreigner’s Land Acquisition Act prescribes general matters regarding foreigners’ local land acquisition. Secondly, the Foreign Investment Promotion Act deals with incentives for any foreign-investment company such as simplified investment notification procedures, tax reductions or exemptions and favorable conditions on purchasing government properties if they register under the said law and acquire any land in Korea. Thirdly, the Foreign Exchange Transaction Regulations stipulate matters regarding foreign exchange inflow and outflow related to non-resident’s acquisition of local land.

Wuelse (Monthly Payment)

There are 2 kinds of Wuelse systems: 1) 10 to 30 times the amount of the monthly payment is deposited with the owner for the term of the lease. Tenant also pay for the office or building rental monthly fee to the owner. The deposit is returned to the tenant upon termination of the lease. (not interest) 2) This requires advance payment of the monthly rent at a set date every month for the entire lease term, or tenant have to pay the total amount of rent for lease term to owner before commencement date. No deposit is required.
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