Can foreigner buy apartment in Korea?

Can foreigner buy apartment in Korea?

Foreign nationals can buy apartments in South Korea, but there are restrictions on the types of properties that foreigners can buy. They are not allowed to purchase land or buildings designated for agricultural or military purposes and also cannot own more than 50% of the units in a building. The process of buying an apartment in Korea is similar to that of a Korean citizen, and foreigners need to find a real estate agent or a lawyer who can guide them through the process. Foreigners can obtain a mortgage in Korea, but the requirements are more stringent than for Korean citizens. When buying an apartment in Korea, foreigners need to pay various taxes and fees, including registration tax, acquisition tax, real estate agent commission, and legal fees.