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Real Estate in Korea

 
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chrisbem1



Joined: 14 Apr 2003
Location: south korea

PostPosted: Mon Oct 13, 2003 1:53 am    Post subject: Real Estate in Korea Reply with quote

I know that I've seen similar posts along this line awhile back, but didn't really pay any attention. Anyway, some buddies and I have decided that it might be a good idea to buy a cottage somewhere outside of the city. Does anyone know anything about buying a little place somewhere? ie what are the Korean laws regarding land ownership and that sorta thing?
Thanks everyone.
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ratslash



Joined: 08 May 2003

PostPosted: Mon Oct 13, 2003 6:56 pm    Post subject: Reply with quote

well, there is a post somewhere that foreigners can't get loans. so you would have to fork out the whole value of the cottage yourself unless you can find a korean person to take the loan out in their name. how long are you going to be in korea? what are you going to do about reselling the cottage? why not just rent a pension whenever you want to go out of the city?
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chrisbem1



Joined: 14 Apr 2003
Location: south korea

PostPosted: Mon Oct 13, 2003 8:50 pm    Post subject: Reply with quote

It's not a matter of getting a loan, that's really not the issue. I'm just more concerned about foreign ownership of land that's not zoned for commercial development.....
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Yaya



Joined: 25 Feb 2003
Location: Seoul

PostPosted: Tue Oct 14, 2003 2:53 pm    Post subject: Reply with quote

A lot of foreigners have bought up residential property in Korea; however, most of them are ethnic Koreans from abroad. A non-Korean friend from the US bought an apartment in Gangnam, and others have bought places in Seoul as well.

It would be probably be better if your wife put her name on the property. And I advise buying a place in Ilsan as it's not too far from Seoul but well away from the hustle and bustle.

You may want to contact any one of the many realtors who cater to foreigners. Ask if they can refer you to a foreigner who bought land and stuff and get their experience.
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Hyalucent



Joined: 16 Jan 2003
Location: British North America

PostPosted: Tue Oct 14, 2003 2:58 pm    Post subject: Reply with quote

I know one guy who purchased a place. He's married to a Korean however so I can't promise that the transactions weren't done mostly in her name BUT...

... he told me that if you set up a bank account at a "Housing" bank instead of a regular one, they will lend money to you after two years or so. I got the impression that this could be done by foreigners as well, and though I'm not certain, someone interested might want to check it out.
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Gord



Joined: 25 Feb 2003

PostPosted: Tue Oct 14, 2003 4:02 pm    Post subject: Reply with quote

I was under the impression that non-citizens were forbidden from owning land not directly related to commercial activity. I haven't researched this at all, but rather came across it in a newspaper article last year when talking about how foreign businesses in Korea have been slowly expanding in land ownership and problems with the surrendering back of unused land.
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dogbert



Joined: 29 Jan 2003
Location: Killbox 90210

PostPosted: Tue Oct 14, 2003 5:39 pm    Post subject: Reply with quote

Gord wrote:
I was under the impression that non-citizens were forbidden from owning land not directly related to commercial activity. I haven't researched this at all, but rather came across it in a newspaper article last year when talking about how foreign businesses in Korea have been slowly expanding in land ownership and problems with the surrendering back of unused land.


No such restriction has existed since 1999.
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