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Rsesidential areas are spread all over Seoul, excluding the business districts in the northern part of the city.
Especially in the suburbs of Seoul, there are huge residential complexes that have been developed over the
last decade. The following are different types of payment methods for purchasing or renting a house in Seoul.

  • Purchase
  •   For a foreigner wishing to purchase a house, it is advisable to seek the assistance of a real estate agent.
      The price of land generally depends on the location and the age of the building. A real estate agent will
      provide additional services like registration.

  • Rental type 1 - "Jeonse" (Key money deposit)
  •   A half or more of the value of the house is deposited to the owner for the term of the lease. There are no
      monthly payments. This deposit is returned upon termination of the lease. This is called the "Jeon-se" system,
      practiced mainly by the local Koreans, but is increasingly becoming popular with foreigners as well.

  • Rental type 2 - "Wolse 1" (Key money deposit + monthly payment)
  •   Ten to twenty times amounts of the monthly rent are deposited for the term of the lease. Monthly rent is also
      paid to the owner. The deposit is returned to the tenant upon termination of the lease.

  • Rental type 3 - "Wolse 2" (Advance payment of total monthly rent)
  •   This requires advance payment of the monthly rent at a set date every month for the entire lease term. No
      deposit is required. In Itaewon, Hannam-dong and Seongbuk-dong, this system is popular with foreigners.

  • Making a contract
  •   A registered real estate agency can provide assistance. A real estate agent provides additional services
      like registration and a written contract in English, if wanted.

      Ten percent of the deposit or one month rent (contract money) must be paid to the owner when you sign
      the contract. The rest should be paid when you move in.

      You should show your alien registration certificate at the relevant district office.

      You should report any alteration of address to the relevant district office with your alien registration certificate
      and passport. It is recommended to acquire the registration date certificate for guarantee of the legal validity
      of the realty contract at the time of the report.

      Each contracting party pays a commission fee to the real estate agent.

      You can get information on real estate agents through the Yellow Pages, internet or English newspapers
      such as The Korea Herald and The Korea Times.



     
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