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Korean Job Discussion Forums
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LiquidSunshine
Joined: 31 Mar 2003
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 Posted: Sun Jun 04, 2006 6:29 pm Post subject: buying a 'house' in Korea |
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| A few weekends ago, my wife and I decided to purchase our first home in Korea. We went to the bank last week to finalize the paper work and the banker told me that I needed to have an official Korean stamp if I wanted my name on the deed of the house. Has anyone else bought a house here? How did you go about it? Did you have to get your official stamp made? How would I go about doing that? Any info. would be greatly appreciated.... |
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kitekid
Joined: 31 Aug 2005
Location: usually at http://www.expatkorea.com/
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| Posted: Sun Jun 04, 2006 6:39 pm Post subject: |
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have a stamp/seal/chop with your name made. usually any large underground market area has these stores.
then take the seal to the local dong office and pay a small fee to have it registered as "official." |
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Chamchiman
Joined: 24 Apr 2006
Location: Digging the Grave
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| Posted: Sun Jun 04, 2006 6:43 pm Post subject: |
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Congrats on the purchase, LS.
Where did you buy? How's the house? Was it any different from buying an apartment?
Can't help you on the paperwork issue, but was just curious about these things because I'll be following in your footsteps in a few years... |
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Col.Brandon
Joined: 09 Aug 2004
Location: Seoul
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| Posted: Sun Jun 04, 2006 7:15 pm Post subject: |
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Look after your stamp, because if someone else gets their hands on it you may find that you've 'signed' (and be liable for) some things that you weren't aware of.
I've been told that a fingerprint is also legally binding if you don't have a stamp, and it's also a hell of a lot more secure. |
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LiquidSunshine
Joined: 31 Mar 2003
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| Posted: Sun Jun 04, 2006 7:45 pm Post subject: |
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| kitekid wrote: |
have a stamp/seal/chop with your name made. usually any large underground market area has these stores.
then take the seal to the local dong office and pay a small fee to have it registered as "official." |
Have you done this? I was told that I may have to go to immigration to get a paper stating that I live in Korea before going to the dong office...any truth to that? man, sometimes i wish there was a know it all book for foreigners on this place.
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alexh
Joined: 13 May 2006
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| Posted: Sun Jun 04, 2006 7:46 pm Post subject: |
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| How much do houses run? Where are you buying? |
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LiquidSunshine
Joined: 31 Mar 2003
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| Posted: Sun Jun 04, 2006 7:46 pm Post subject: |
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| Chamchiman wrote: |
Congrats on the purchase, LS.
Where did you buy? How's the house? Was it any different from buying an apartment?
Can't help you on the paperwork issue, but was just curious about these things because I'll be following in your footsteps in a few years... |
when i wrote house i meant a pigeon hole in a large beige building. an apartment like everyone else. smiles
we bought our home in Paju.
| alexh wrote: |
| How much do houses run? Where are you buying? |
an actual western style house in ilsan can run you up to a cool 1 000 000 dollars. they'r enice and big but a tad expensive for most, including my children's childen.
a korean type house is much more affordable but they're still expensive depending on the location not to mention that they are usually quite old. |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Sun Jun 04, 2006 7:58 pm Post subject: |
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He moved to Paju so he can become a full time English Village teacher and dress up as one of the characters.  |
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LiquidSunshine
Joined: 31 Mar 2003
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| Posted: Sun Jun 04, 2006 8:47 pm Post subject: |
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| ajgeddes wrote: |
| He moved to Paju so he can become a full time English Village teacher and dress up as one of the characters. |
oh allon u be smile very many  |
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periwinkle
Joined: 08 Feb 2003
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| Posted: Sun Jun 04, 2006 10:17 pm Post subject: |
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My co-worker bought a house in Paju, too. It was 2mil per pyoung, and he has a total of 200 pyoung (for a grand total of 400 mil. won), including the yard. Apts. in Seoul run about 400 mil won or so (well, depending on where you live in Seoul, that is!!), but you are paying for a fraction of the square footage (or pyoung, rather).
My husband and I are debating what to do. Paju (well, a western style house) sounds great, but then we'd have to commute. After a phone call from our annoying downstairs neighbors yesterday, though, we're leaning toward a house, as well. OP, how will you cut your grass? I can't imagine there's much of a mkt. for lawnmowers here....
*Edit* I forgot to say congratulations! The houses up in Paju are really cute, especially the log-cabin style homes. |
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matthews_world
Joined: 15 Feb 2003
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| Posted: Mon Jun 05, 2006 4:02 pm Post subject: |
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A lot of risk when buying real estate these days, in my opinion. I'm sure most of you have heard that the government wants to cap housing prices across the nation in order to stem speculation this Fall.
Land is shooting up.
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Housing bubble grips Korea
SEOUL - Amid a lack of promising targets for investment, South Koreans are pouring money, much of it borrowed from banks, into apartments in a bid to tap soaring returns that far outperform stocks and bonds. The phenomenon has sent apartment prices skyrocketing. The value of South Korea's apartments has spiked by a staggering 276 trillion won (US$267.9 billion) over the last two years, reaching a combined total of around 1,000 trillion won, which compares with the country's gross domestic product of 778 trillion won in 2004.
A government report released Friday on the country's macroeconomic situation said land prices climbed 0.56% in May compared to the previous month and that the pace of the rise was increasing. Prices rose 0.53% in April and 0.18% in February when property prices started to move up after several months of stability. The Ministry of Finance and Economy, which released the 35-page report, cited government plans for a new administrative town in the Yeongi-Gongju area as a factor fueling prices.
It also said plans to relocate the main US military base from north of the Han River near the Demilitarized Zone to Pyeongtaek, 70 km south of Seoul, caused sharp hikes in the region's land prices. Rising real estate prices are a source of serious concern for the country since it saps critical funds from business investment and contributes to social instability.
"Fueled by speculation and home builders' profit motives, a bubble has surfaced in the apartment market that could rattle the economy," warned Kim Hun-dong, who works for the Citizens' Coalition for Economic Justice (CCEJ), a leading civic organization. Domestic apartment builders are notorious for inflating apartment prices by concealing their costs, which in turn results in building up the bubble, he said. Agreed Park Seung, governor of Korea's central bank: "Housing speculation that originated from the capital is threatening the stability of the economy."
The bursting of the bubble could have a chilling effect on the economy by leaving apartment buyers with large debts and crimping consumer spending, just as a credit card bust did three years ago, economists say. "If the bubble bursts, the economy will inevitably fall into a long depression," warned Kim Tae-dong, a member of the central bank's decision-making committee.
Still smarting from the collapse of a credit card bubble in 2002, the Korean economy remains in the doldrums mainly because of stagnant consumer spending. In the January-March period of the year, Asia's third-largest economy grew a lackluster 2.7%, compared with a 4.6% gain in 2004. Full-year growth is projected to hover around 4%.
It is also feared that the bubble could make it more difficult for ordinary South Koreans to own homes. More than half of South Korean households do not own their houses, according to analysts. "Apartments and houses have long become the target of speculation in South Korea," lamented Sohn Nak-koo, an assistant to a lawmaker. "The man on the street is now finding it harder to buy a home."
With no immediate end to the problem in sight, the government has come under fire. In October 2003, the government announced a package of measures to impose higher taxes on people who own several houses. But the measures gradually lost their appeal under the prevailing logic that they could slow South Korea's economic recovery. "On the one hand, the government cracked down on the market, but on the other, it fostered its development nationwide," said Yang Hae-keun, who heads Neo Net, a local real estate information provider.
The government has decided to establish an administrative city in an area in central South Korea, sending apartment and land prices there soaring. Most state agencies are scheduled to be moved to the administrative city. Recently, the government also announced a plan to relocate the headquarters of 176 state enterprises in Seoul's metropolitan area to provincial cities, a step feared to jack up property prices nationwide.
Faced with mounting criticism, the Roh Moo-hyun administration is set to unveil "stern" countermeasures in August to tackle the runaway apartment prices. But doubting the effectiveness of the envisioned measures, market watchers say the key to solving the problem is to raise taxes on holders of more than one house and to provide more state-funded rental apartments.
"The bottom line is to have owners of several homes pay more taxes than the capital gains they could [potentially] realize," said Cheon Kang-soo, who teaches economics at Catholic University in Daegu, the nation's third-largest city about 300 kilometers southeast of Seoul. Kim of the CCEJ said the government should build more apartments and rent them out to homeless people at low rates to keep housing speculation in check.
At present, the state-owned apartments, mostly small-sized, are only 2% of the total, according to him. "Speculation will never disappear from the housing market unless more habitable state-owned apartments are provided to ordinary South Koreans for long-time rent," he said.
(Asia Pulse/Yonhap) |
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kitekid
Joined: 31 Aug 2005
Location: usually at http://www.expatkorea.com/
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| Posted: Mon Jun 05, 2006 4:36 pm Post subject: |
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| LiquidSunshine wrote: |
Have you done this? I was told that I may have to go to immigration to get a paper stating that I live in Korea before going to the dong office...any truth to that? man, sometimes i wish there was a know it all book for foreigners on this place. |
yes i have, but i'm not following you here. do you live in korea? do you have a legal visa to be here? if you do, you do not need to go to immigration, just the dong office.
the official paperwork for the stamp has nothing to do with immigration. but when getting the official paperwork from the dong office, you do need to present an ARC card.
if you don't live here or have a legal visa to be here (and an ARC card), then i have no idea. |
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LiquidSunshine
Joined: 31 Mar 2003
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| Posted: Mon Jun 05, 2006 5:06 pm Post subject: |
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| kitekid wrote: |
yes i have, but i'm not following you here. do you live in korea? do you have a legal visa to be here? if you do, you do not need to go to immigration, just the dong office.
the official paperwork for the stamp has nothing to do with immigration. but when getting the official paperwork from the dong office, you do need to present an ARC card.
if you don't live here or have a legal visa to be here (and an ARC card), then i have no idea. |
okay. thanks for the stamp info. i'll get on that asap.
I just found out that i need to be part of a family registry? i wonder> what did you have to do when you bought your home?
man, i'm getting some strange info. from the bank. it's like going to immigration and hitting two different windows and receiving two different answers for the same question. |
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