Korean Job Discussion Forums

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

New housing developments in Korea often sell their apartments based on a lottery-type system. Each family taking part must put a certain amount of won in a special account to take part. The amount of money you put in determines what size of an apartment you can try for. You can choose to compete for different areas, but you can only win the lottery one time in your life -- that's it. If you don't win, you get your money back, or can try for another lottery. Actually, you can put money up for multiple lotteries, but you can only win one.

Why do the lottery? There are certain financing benefits and price perks that make it a huge deal if you win.

This is what I understand so far.

I know one foreigner who was chosen/won the lottery. Have any other foreigners on here "won" a spot? Are you currently taking part?

My wife has set up an account for this, and we're in the process of upping our won amount to go for a bigger place. As I understand it, if you have kids, you have a greater chance of winning.

Whistleblower · Joined: 03 Feb 2007

Bass, please let me know more info about the Housing Lottery please. I would like to invest in property in Korea.

KumaraKitty · Joined: 09 Jan 2006 Location: Bucheon

Hubby's mother put money in a Lottery account for him when he came here 5 years ago. We haven't yet decided where or when we want to settle so we haven't tried for the Lottery yet. Also, since we're having a child now we're hoping when we DO try our odds will be better.

bellum99 · Joined: 23 Jan 2003 Location: don't need to know

You need to leave it in the account for a few years (3 or so). We won the lottery in Bundang and then sold that house (after a few years) to buy in Kangnam.
We used my wife's account to buy in Bundang. She had a big pyung account and I had a small pyung account. I put my name in many times but never won the right to purchase in my name.

Imrahil · Posted: Sun Apr 13, 2008 11:40 pm Post subject:

Roughly how much money do you need to put in for this lottery? I am sure it varies depending on how much pyung you are looking for.

KumaraKitty · Joined: 09 Jan 2006 Location: Bucheon

I think his Mother put in 3000$ USD for him to be able to buy up to 30pyeong. I think that we were going to have to wait at least 3 years before we could apply.. I think.
The in-law's best friend in Korea is taking care of it for us. He made it big in real-estate investment and retired at 45 with 4 apartments, 2 office buildings and 2 restaurants scattered around Seoul and Gyeonggi-do. When he tells us it is time to try, we will try to buy.

bassexpander · Joined: 13 Sep 2007 Location: Someplace you'd rather be.

I think my wife said it's now 10 million for a 34 pyung place. Maybe it's 3 million for something around 20 pyung. I'll ask her tonight when she gets back from work. If we can, we'll each try for a place at 10 million.

How did you make out with the Bundang place? Was it Pangyo?

Gosh, I would have kept that. Especially with the new high-speed subway line between Kangnam and Bundang.

We also opened an account with Prime bank last week. We're getting 6.8% interest in there. Not bad for just savings.

Kimchieluver · Joined: 02 Mar 2005

My wife and I are in it. The amount you have in the account and the pyang size apartment are dependant on where you want to live. So in Seoul you need more for a bigger apartment than in other cities.