Can Foreigners Buy Property in Pyeongtaek, South Korea?
Foreign Land Transaction Permit Now Required for Property Purchases
Buying residential property abroad can be challenging, especially when regulations change overnight. For foreign residents living in Pyeongtaek, recent real estate policy shifts add a critical new step to the property purchasing process. So, you may be wondering, “Can foreigners buy property in Pyeongtaek, South Korea?”
Yes, foreigners can buy property in Pyeongtaek, but as of August 2025, you now need government approval first. The legal experts at Pureum Law Office, with offices in Seoul and Pyeongtaek, are here to explain.
New Permit Requirements for Foreign Property Buyers in Pyeongtaek
On August 21, 2025, South Korea’s Ministry of Land, Infrastructure, and Transport (MOLIT) designated major regions in the Seoul Metropolitan Area (SMA) — including Pyeongtaek and other parts of Gyeonggi Province, Seoul, and Incheon — as Foreign Land Transaction Permit Zones (토지거래허가구역).
This new classification means foreign buyers must obtain governmental approval before purchasing residential property in these areas. (See our August 28, 2025 post: Non-Resident Foreigners Banned from Buying Property in Korea.)
What Is the Foreign Land Transaction Permit?
South Korea’s Foreign Land Transaction Permit is a government-issued approval required for foreign nationals, foreign corporations, and foreign governments seeking to purchase land or residential property in designated zones.
Key Requirements of Foreign Land Transaction Permit:
- Permit Required Before Purchase: All paid transactions involving foreign buyers in these zones require a permit before contract signing
- Legal Validity: Without this permit, any purchase contract is legally invalid under Korean law
- Applies to Paid Transfers Only: The requirement does not apply to inheritance or gifts
- Occupancy Requirement: Buyers must move into the purchased property within four months of permit approval and reside there for at least two years
This policy aims to prevent speculative investments and ensure residential properties remain accessible to local residents.
How This Affects Foreign Residents in Pyeongtaek
Pyeongtaek has been officially designated under the new Foreign Land Transaction Permit policy. Foreign residents — including US military personnel and contractors working at Camp Humphreys — must now obtain a permit to legally purchase homes or land in Pyeongtaek and nearby areas including Suwon, Hwaseong, and Seoul.
If you’re planning to buy property in Pyeongtaek
- Apply for the permit before signing any property contracts
- Prepare to move into the home within four months
- Plan to maintain two years of residency
- Factor the approval timeline into your home-buying process
This policy may especially impact those looking for homes near transit hubs or military bases for commuting convenience or long-term investment.
Why did Korea introduce the Land Permit System?
The permit system responds to growing public concern over housing affordability. According to MOLIT, there has been a rise in foreign purchases of high-value properties funded by overseas money, often left unoccupied. These transactions have been linked to:
- Rising property prices
- Limited housing supply for local citizens
- Suspicion of tax evasion and money laundering
Although the primary targets are foreign speculative investors, the rules apply broadly — including to law-abiding foreign residents already living and working in South Korea.
The permit requirement is currently set from August 26, 2025, to August 25, 2026, with potential for extension depending on policy effectiveness.
Steps to Take Before Buying Pyeongtaek Property
The Foreign Land Transaction Permit means foreign ownership is now under greater scrutiny nationwide. Here are key steps to stay informed and compliant:
Understand the Application Process
Know which zones require a permit and how to apply through your local city office. The application process may require documentation proving intent to reside and legal sources of funds.
Keep Your Paperwork Organized
Expect documentation requests from banks, real estate agents, and local offices, even in non-restricted areas. Be prepared to provide:
- Identification documents
- Visa/residency status
- Proof of adequate funding
Factor in Your Residency Plans
If you are not planning to reside in the property, you may not qualify for a permit. Align your housing plans with the two-year residency requirement.
Do You Need Help Navigating Pyeongtaek’s Real Estate Rules?
Pureum Law Office helps foreign residents and expats make confident, legally sound real estate decisions. If you’re unsure how these new rules apply to your situation, or if you need assistance with the permit application, contact us today.
Let us help you with the property buying process in Pyeongtaek.
