Posted inQuestion about South Korea
How much money do you need to buy a house in Korea?
Buying a house in Korea requires a significant amount of money, with the down payment for jeonse being as high as 80% of the house price. Monthly rent requires ongoing payments, and there are other costs associated with buying a house, such as real estate agent fees and taxes. Mortgage loans are available but require a stable income and good credit history to qualify. The location, size, and age of the property also affect its price, while new trends like eco-friendly and smart homes are emerging. Foreigners can buy property in Korea but need to meet certain requirements.