Popular Estate Agencies
- Lotte Homes: One of the largest real estate agencies in South Korea, Lotte Homes offers a wide range of properties for sale, including apartments, houses, and commercial properties. They have locations in major cities such as Seoul, Busan, and Incheon.
- K Real Estate: Another large agency, K Real Estate offers a variety of services, including property sales, leasing, and management. They also have offices in major cities throughout South Korea.
- KB Real Estate: KB Real Estate is a well-established agency that specializes in the sale of high-end properties, including luxury apartments and houses. They have offices in Seoul and other major cities.
Qualifications and Licenses for Estate Agents in South Korea
- In South Korea, estate agents are required to be licensed by the Ministry of Land, Infrastructure and Transport (MOLIT). To obtain a license, agents must pass a qualification exam and meet other requirements set by the MOLIT.
- They are also required to be a member of the Korea Real Estate Agent Association (KREAA).
Estate Agent Fees in South Korea
- Commission fee: In South Korea, the commission fee for estate agents is typically around 2-3% of the sale price of the property. This fee is usually split between the seller’s and the buyer’s agents.
- Additional fees: Some agencies may also charge additional fees for services such as property appraisal and advertising.
Other Resources for Property in South Korea
- Online portals such as Naver Real Estate (https://realestate.naver.com/) and Daum Real Estate (https://realestate.daum.net/) are popular resources for finding properties for sale in South Korea.
- Local newspapers and magazines also feature real estate listings.
- Word of mouth can also be a valuable resource for finding properties for sale.
Buyer’s Agent in South Korea
- It is not common for buyers to use a buyer’s agent in South Korea, but it is possible.
- A qualification or license is not required for a buyer’s agent in South Korea, but they are required to be a member of the KREAA.
- The cost of a buyer’s agent varies, but they typically charge a commission fee of around 1-2% of the purchase price.
Organisations for Foreign Property Buyers
in South Korea
- The Korea Real Estate Investment Corporation (KREIC) is a government-affiliated organization that provides information and assistance to foreign investors in the South Korean real estate market. They can be reached at +82-2-3468-3500 or through their website (http://www.kreic.or.kr/eng/index.do).
- The Korean Real Estate Association (KREA) is a private organization that provides information and services to foreign buyers of South Korean property. They can be reached at +82-2-3273-7196 or through their website (https://www.korea-rea.or.kr/eng/index.do).