Foreigners are allowed to purchase property in South Korea under certain conditions, according to the Foreign Investment Promotion Act. While there are some restrictions on size and location, most foreigners can purchase all types of properties in most areas of the country. Financing options are available for those who need them, however, the amount they can borrow may be limited based on their visa status and other factors such as income and credit history. Owning property in South Korea offers potential financial gains from rising property values, stable rental income and long-term investment potential. However, there are risks associated with owning property in South Korea, including potential legal complications due to language barriers and cultural differences.