Korean Job Discussion Forums

[Faunaki]

Been looking around at apt. prices in less expensive areas of Seoul and the smaller ones are around 300,000,000 for a mini cement box. I only plan to be here for the next 5 to 6 years. Some people say the prices will go up in that time. Others say they will not go up but they won't go down either. I'm having a hard time deciding what to do. Any suggestions?

[renzobenzo1]

Well if you decide to buy...consider the person/people who will want to buy your place after you or are you planning to lease?....

What is your market for on-sell.

Student accom, young worker, young couple, family?

As a rule of thumb generally 2/3 bedroom apartments are a better investment on the whole, but that may not be in your price range....

Just do some market research on the net or other forums on forecasted changes depicted.

Also anything can happen to you in Korea....you may say now you want to stay 5-6 years, what happens if after 2 you are depressed and have had enough of this place and want out?....

Don't wanna put you off but just some food for thought

[jinju]

The rule is easy: buy something people will want to buy from you. The smaller places will be a problem, so will the older places.

[Faunaki]

Thanks Renzobenzo,

I have heard that if I lease I will have to pay more taxes on the apartment as the government is trying to stop buying for investment only. Do you know about this?

One thing I was thinking of was to live in housing provided by the school and buy an apt. in Seoul and lease it. The point would be to sell it in five years for a profit. Does this seem like a smart move?

[Drew345]

I bought my apartment in Seoul and I couldn't be happier. But I plan to stay here til I die or there nearabout.
Keep looking, the more you look the agents seem to find nicer places for cheaper.
If you have to think about selling, you need to get something Koreans like. The problem is that they mostly like the same thing (35 Pyong, 3 bedroom, double veranda), so those apartments are really expensive. I got a 27 Pyong/2 bedroom for about half the price of a 35 Pyong, cause it's not the standard Korean layout (just right for me).
The superhigh taxes kick in at 6 Ook (600000000), to discourage buying the pricey apartments. But then Koreans will say the reason that the government put the supertax at 6 Ook is because so many Korean want the 6 Ook apartment; so that is exactly the apartment you should buy. Confusing circular logic.