Korean Job Discussion Forums

seoul_nhl · Joined: 18 Mar 2006

Anyone know about buying property ie. apartment or officetel? I'm not Korean and I'm not married to one either. So what are my options is it even possible? Plus I'm here on an E-2 visa.

Are they the lemmings · Posted: Fri Feb 16, 2007 1:25 am Post subject:

Nice topic, seoul_nhl. I'd like to know about this, too.

I currently have a couple of properties in Japan ticking over nicely, and with fond memories of time spent in South Korea, I'm thinking it would be nice to relocate there.

In addition to the OP's questions, I'd also like to find out about prices (not sure about exact locations yet, so at the moment my preferred location is "South Korea").

Are they the lemmings · Posted: Sat Feb 17, 2007 7:18 pm Post subject:

PRagic · Joined: 24 Feb 2006

Just start going to a few 'pokdokbang' agents in the neighborhood(s) you're interested in. Have a budget in mind. For an apartment, you can still pick some up for around 300,000-350,000 USD in less popular areas.

There are no issues in Korea anymore when it comes to buying. No problem. I would, however, recommend taking a Korean with you.

Many Koreans are waiting for prices to come down a bit. Apartments are so expensive in some areas that renting them out (monthly or chunsay) isn't economical; better off to just leave the money in a bank at 5%. Some people accepted this risk, hoping to sell high. It would seem that the market isn't supporting that strategy anymore. You might want to check out the new places going up in Songo. Heard that is hot.

leebumlik69 · Posted: Sun Feb 18, 2007 3:52 am Post subject:

Are they the lemmings · Posted: Sun Feb 18, 2007 4:22 am Post subject:

huffdaddy · Joined: 25 Nov 2005

ajuma · Joined: 18 Feb 2003 Location: Anywere but Seoul!!

How about bank loans? I could come up with about 1/2 of the cost of the apartment. Will banks loan to foreigners?

gsxr750r · Joined: 29 Jan 2007

Be VERY careful.

It is not unheard of for people here to sell a place that's not even there, then take your money and split.

The gf and I have been looking at buying (but we decided not to just now) an offictell in the Intelli-G in Jeonja-dong/Bundang. She said it's important to check with some city office, or another, that the person selling the place actually owns it. Not sure what to tell you about that, exactly, but just be careful -- realtor or not!

ajuma · Joined: 18 Feb 2003 Location: Anywere but Seoul!!

Well, I know who the owner is, and yes, she does own the place. I like where I am and plan on staying for the long term. It would be SOOO much better if I could buy the place!!

Corky · Joined: 06 Jan 2004

This doesn't have to do with buying property, but it's related. If you're going to sink chunsey somewhere, there's a place you can go to check the credit rating of the person taking it.

Apparently it gives the whole financial low-down. My friend just avoided an apartment because when he checked, the guy who owned the place owed money to a bunch of people and was on the verge of bankruptcy.

PRagic · Joined: 24 Feb 2006

1) Yes, I meant SonGdo. Mistype. My bad.

2) I wouldn't advise buying a villa. They don't go up in price, they are tough to sell, and even renting them can be a problem. If you really, really need or want to buy a cheap place, though, then they are an option. Unless my back was to the wall, I wouldn't.

3) Yes, you can check the financial 'safety' of a building/unit prior to plunking down your chunsay or even pochungkum. If fact, this can be done on the computer, and the realestate agent can pull one up for you in minutes. If there is a lean on the property, it's risky. Also, you should know that in case of a financial problem in which the property is sold or goes to auction, the inhabitants are paid out in the order that they went in. If you were the last to move in, you'll be the last to get your chunsay back. Of course, the bank is always first in line!

RosyYng · Joined: 17 Feb 2007

what if i will be working and schooling in SEOUL, but prob marry a korean, and would prob be buying an apartment then. I am planning on moving to SEOUL with about 100,000 USD in my bank. Is it really spendy in Seoul?

Are they the lemmings · Posted: Sun Feb 18, 2007 6:59 pm Post subject:

Many helpful posts in this thread!

I wonder if someone could clue me in on something. Does "villa" entail something different in Korea from elsewhere (in the same way that "mansion", for instance, means apartment in Japan)?

ulsanchris · Joined: 19 Jun 2003 Location: take a wild guess

a villa is an apartment that is in a small building. If a building has more than "X" amount of units than it is an apartment building. IF it has less than it is a villa. Koreans like the idea of living in large apartment complexes. I guess they are seen to be more secure and have better facilities nearby them.

i would guess now is not a good time to bye because it looks like the market has topped out. also the government is trying various plans to lower the prices of apartments.