Buying real estate in Korea is entirely possible for foreign nationals, but the process involves detailed legal and administrative steps. Whether you’re a resident or non-resident, individual or corporation, it’s important to understand what laws apply and what documents are required.
Key Laws Applicable to Buying Real Estate in Korea
Foreigners buying property in Korea are subject to:
- The Foreigner’s Land Acquisition Act
- The Foreign Exchange Transactions Act
- The Foreign Investment Promotion Act
These laws ensure that regulations related to land use, acquisition, and reporting apply equally to Korean nationals and foreigners.
Resident Foreign Nationals
Real Estate Acquisition Report
- Deadline: Within 60 days of contract signing (payment of balance)
- Submit to: Cadastral Department, local Si/Gun/Gu
- Documents: Real estate contract, copy of real estate register
- Processing time: Immediate
Title Registration
- Deadline: Within 60 days of contract signing
- Submit to: Local Registration Office
- Documents:
- Foreign national registration certificate (or corporate registration for companies)
- Registration application & supporting docs
- Copy of land register
- Power of attorney (if applicable)
Non-Resident Foreign Nationals
Before Entering Korea
- Individual: Passport, certificate of citizenship, proof of residence from home country
- Corporation: Corporate certificate with address or equivalent government-issued document
Acquisition Report
- Deadline: Within 60 days of contract signing
- Submit to: Cadastral Department, Si/Gun/Gu
- Documents: Contract, seller’s property register
Registration Number for Title Registration
- Documents:
- Passport or citizenship certificate
- Land acquisition report certificate
- Notarized power of attorney (if applicable)
- Submit to: Seoul Immigration Office (individual) or Cadastral Dept. (corporation)
Title Registration
- Same process and documents as resident foreigners
Additional Considerations
- Military or restricted zones may require additional government approval.
- Funds transferred into Korea must be reported to a foreign exchange bank.
- Taxes such as acquisition tax and property tax apply.
- Designation of Foreign Land Transaction Permit Zones in the Seoul Metropolitan Area (Aug. 26, 2025 – Aug. 25, 2026): On August 21, 2025, the Ministry of Land, Infrastructure and Transport designated the entirety of Seoul, 7 districts in Incheon, and 23 cities and counties in Gyeonggi Province as land transaction permit zones for foreign nationals.
Within these zones, foreign nationals (including individuals, corporations, and foreign governments) seeking to acquire residential properties or land in residential areas are now required to obtain prior government approval — replacing the previous post-acquisition reporting system. Any contract executed without such approval is null and void. Foreign nationals who receive approval must take up residence within 4 months of the approval date and maintain actual residency for 2 years following acquisition. Additionally, buyers are now required to submit a financing plan along with supporting documentation, disclosing details such as overseas borrowings, foreign financial institutions used, sources of funds, and visa status.
Related Resources
- Ministry of Land, Infrastructure and Transport
- Foreign Exchange Rules
- Pureum Law Office: Real Estate Services
Get Started with Pureum Law Office
If you are looking to buy, sell, or lease property in Korea and would like professional legal support from PLO — or simply wish to schedule a consultation — please click the link below and answer a few short questions so we can best assist you.
Let us help. For professional legal support when buying real estate in Korea, contact us at ask@pureumlawoffice.com.
