Residential areas are spread all over Seoul, excluding the business
districts in the northern part of the city.
Even in commercial areas in Apgujeong-dong or Sinchon, you will
find residential areas behind the main
thoroughfares. Besides, in the suburbs of Seoul, there are huge
residential complexes in so-called 'new
cities' that have been developed over the last decade: Bundang,
Ilsan, etc. There are different types of
payment methods for purchasing or leasing houses in Seoul.
For a foreigner
wishing to purchase a house, it is advisable to seek the assistance
of a real estate agent.
The price generally depends on the location and the age of
the building. A real estate agent will provide
additional services like registration.
|Holding a house
by lease on a deposit basis
Deposit is returned upon termination (only principal, not interest)
No monthly payments
Contracting period: 1~2 years on average
10 percent of deposit you will pay as contract money at the
time of contracting
The remaining 90 percent of deposit when moving in.
The Jeonsea system is one of the traditional rental options
in Korea. When making a contract, you have to
pay 60 to 70 percent of the value of the house as deposit. There
are no monthly payments. This deposit is
returned to you upon termination of the lease.
The fact that the Jeonsea system has been popular in Korea so
far shows how high interest rate Korean
banks give. There is, however, a tendency of replacing the Jeonsea
system with the Wueolsea as a bank
rate declines nowadays Tenants are responsible for maintenance
as it is.
|1.There are 2 kinds
of the Wueolsea system: 10 to 20 times the amount of the monthly
payment is deposited with the owner for the term of the lease.
You also pay for the house rental monthly fee to the owner.
The deposit is returned to the tenant upon
termination of the lease.
2.This requires advance payment of the monthly rent at a set
date every month for the entire lease term.
No deposit is required. This system is popular among foreigners
in Itaewon, Hannam-dong and Seongbuk-
|This system is
suitable for a single or a student from foreign countries. Rent
is paid monthly to the owner,
and a contract is not required. In these settings, a landlord
usually provides a room and two meals daily
for the tenant.
district offices ("Gu" or "Dong" offices)
of Seoul City offer information on leasing regulations.
Click for contact information of those offices. If you need
language assistance in English, call the Seoul Help Center for
Foreigners at (82-2) 731- 6800~2.