Buying property in Seoul: what to know before you start

Prices, the purchase permit required of foreigners, credit and the pitfalls of jeonse: the essentials before buying a home in Seoul.

The Remoters editorial team

Published on

18 August 2023

Updated on

6 October 2026

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Buying a home in Seoul in 2026 means entering the most expensive and most closely watched market in South Korea. Apartment prices there had been rising for more than 60 consecutive weeks in spring 2026, and the increase accelerated in May: +1.06% in a single month according to the Korea Real Estate Board, the public body that tracks prices.

For a foreign buyer, the most important rule is recent: since August 2025, any foreigner must obtain administrative permission before buying a home in Seoul, and this scheme has been extended until 25 August 2027. The permit in principle requires you to live in the property. Credit is also getting more expensive: the Bank of Korea raised its key rate to 3% in August 2026, after a first rise in July.

This guide covers prices, the rules that apply to foreigners, the risks specific to the Korean market and the neighbourhoods.

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Where prices stand in Seoul

A long, sustained rise

At the end of April 2026, the Korea Herald noted that apartment prices in Seoul had been rising for more than 60 weeks in a row, to the point of making housing the central theme of the 3 June 2026 municipal election. In May, according to the Korea Real Estate Board, purchase prices of Seoul apartments rose 1.06% over the month, an acceleration of 0.51 points compared with April. The same month, jeonse deposits (see below) jumped 1.15%, their biggest monthly rise since April 2015.

A market that is increasingly hard to access

The official figures cited by the Korea Herald in July 2026 show the effect of this rise: in March 2025, only 27.7% of heads of household aged 39 or under owned their home, the lowest level since the series began in 2017. The paper estimates that the price of an apartment represents about 10.5 years of income for an average-income household.

What weighs on what comes next

Rates: the Bank of Korea raised its key rate to 3% on 27 August 2026, its highest level since January 2025, and does not rule out further rises. More expensive credit generally slows prices.
Supply: during the campaign, Seoul's outgoing mayor defended a plan for 310,000 homes by 2031, based on the renovation and rebuilding of large housing estates.
Taxation: in 2026 the government is studying a reform of property owner taxation, with no decision known to date. Check the rules in force at the time of your purchase.

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The rules for a foreign buyer

South Korea's Ministry of Land, Infrastructure and Transport designated zones in August 2025 where a foreigner's purchase of a home requires permission. In August 2026, it extended the scheme by one year, from 26 August 2026 to 25 August 2027. Here is what it provides, according to the Korea Herald:

The scope: all of Seoul, 23 cities and districts of Gyeonggi province and nine districts of Incheon.
The properties covered: most homes, including apartments, detached houses and small multi-unit buildings.
The application: permission must be obtained before the sale, stating the source of funds, your visa status and the intended use of the property.
The occupancy requirement: once authorised, the buyer must generally move in within four months and live there for at least two years.

In practice, this scheme targets investment purchases: buying in Seoul to rent out, without living there, has become very difficult for a foreigner. It has had a clear effect: between September 2025 and June 2026, home purchases by foreigners fell 37% in Seoul compared with the same period a year earlier. If you are moving to Seoul on a long-stay visa and plan to live in the property, buying is still possible, but allow for the permit's processing time in your schedule.

The risks to know about

Jeonse

The Korean market rests on a system of its own: jeonse, a lump-sum deposit paid by the tenant instead of monthly rent, generally 60 to 70% of the property's value, and returned at the end of the two-year lease. If you buy a property already let under jeonse, you take on the obligation to repay this deposit. Work out the exact figure before signing.

Checks before signing

The land register: check the real owner and any mortgages or debts registered against the property.
The agent: deal only with a registered real estate agent, and check their registration with the district office.
The contract: it is drafted in Korean. Have it translated and reviewed before paying a down payment, because the down payment commits you.
Financing: without income in Korea, access to local credit is limited. The authorities examine closely the origin of funds coming from abroad.
Exchange rate: if your income is in euros, a movement in the won changes the real cost of your purchase.

Neighbourhoods to look at

Yongsan-gu (Itaewon, Hannam-dong): Seoul's most international district, with a large expat community and high prices.
Gangnam-gu (Apgujeong, Cheongdam): upmarket, international schools, among the most expensive addresses in the city.
Seocho-gu (Seorae Village, Banpo): residential and family-oriented, home to Seoul's French community.
Mapo-gu (Hongdae, Yeonnam-dong): university and creative, more accessible.
Seongdong-gu (Seongsu-dong): in the middle of transformation, with prices still moderate.
Jongno-gu (Bukchon, Insadong): the historic heart, with renovated traditional houses (hanok).

Rent first?

Given the occupancy requirement and the permit processing time, many expats start by renting. In August 2026, according to Korea Real Estate Board data, the average monthly rent for a home in a small multi-unit building in Seoul reached 675,000 won, with an average deposit of 61.17 million won. Foreigners mostly choose wolse (monthly rent with a moderate deposit), since jeonse requires a very high deposit and a loan that is hard to get. Renting for a few months also lets you choose your neighbourhood before buying.

If you are preparing a purchase in Seoul, a Remoters home finder based locally can search according to your criteria, view properties for you, check the property's documents and support you through to signing. The first conversation and the quote are free.