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South Korea – Finding Property to Buy

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

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  • 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).

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