The back story
Buying in Seoul: Hannam, Seongsu and the permit zones
Foreigners may buy homes in South Korea, but Seoul has rules of its own: reporting duties, and land-transaction permit zones that cover much of the city. What to know before you look in Hannam, Seongsu or Gangnam.
Photo Credit
Image courtesy of © S h y numis · CC BY 4.0 via Wikimedia CommonsForeign nationals may buy property in South Korea, and must report the acquisition to the local authority. In Seoul, buyers also need to know about land-transaction permit zones, in which a purchase needs the district’s permission in advance; the zones, and who they cover, have been changed several times. A Korean lawyer, licensed agent and your bank should be your first calls.
The rules
Foreign buyers report their acquisition to the local authority; in land-transaction permit zones, the district’s permission is needed before a contract. We print no prices and no yields; always check the rules in force with a Korean lawyer.
The neighbourhoods
Hannam, below Namsan and above the Han; Seongsu, by Seoul Forest; Cheongdam and Apgujeong in Gangnam; Yeouido; and the hills of Seochon and Pyeongchang-dong. Our property guide compares them.
Check whether the property lies in a permit zone before you make an offer.
The advisers
Savills Korea, JLL, Cushman & Wakefield and the large international advisers all have Seoul offices.
Our advice: ask your agent about permit zones and reporting on the first call.
Why it's on our list
- The rules
- The neighbourhoods
- The advisers
Location
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