How to get a residence permit in South Korea by purchasing a property?
Nowadays a lot of people who want to migrate to South Korea are thinking about obtaining a residence permit in this country by buying a property. If you are planning to buy a property in South Korea and obtain a residence permit this way, you should know that currently the price of properties in South Korea varies according to their area and the place where the property is located, but it should be noted that buying a property in South Korea will not lead to getting a residence permit for the applicant, and if you are thinking of settling in this country, you should use other methods such as various investment methods or work visas to get a residence permit in this country.
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General requirements for buying a property in South Korea
As you know, buying a property in South Korea is one of the ways to invest in this country, but maybe it is better to know a little about this country before taking any actions in this regard. South Korea is a country located in the southern part of the Korean Peninsula in East Asia. This country is officially known as the Republic of Korea. Seoul is the capital of South Korea, which is an industrial and modern city. Seoul was chosen as the capital of South Korea in 1948. Seoul has a population of about 10 million and is one of the largest cities in South Korea. It is also interesting to know that Seoul is also known as one of the largest cities in the world. It is good to know that because of the constant tension between South Korea and North Korea this country devotes 2.6% of its GDP to maintaining and improving its military, which is why the South Korean army is one of the strongest and most powerful militaries in the world.
Obtaining a residence permit in South Korea by purchasing a property
In this part of the article we will provide you with some information on how to buy a property in South Korea and the relevant rules. If you are thinking of buying a property in South Korea, you should know that in order to buy a property (real estate) in this country, you should know about the rules related to buying a property in this country (real estate law). As stated in the law, foreigners won’t have any problems buying a property in South Korea, but it is better to check some foreign ownership regulations and Acts first and then buy a property in this country. Applicants should take a look at:
After reviewing these laws in South Korea, it is better to know about the requirements of getting a residence permit in this country through buying property. In this regard, it should be mentioned that although foreigners are able to buy a property in South Korea, but it is not possible to obtain a residence permit through this method. Applicants can only benefit from the profits they make by buying a property in this country, which has its own rules. It is interesting to know that if you want to buy a property and make a profit this way, in order to be able to use it, you must register a company in this country and transfer the real estate profit to the company’s account and only then you will be able to use the real estate profits.
Housing prices in South Korea
If you are planning to buy a property in South Korea, after considering all of the rules, it is time to know about the housing prices in this country. Of course, it is better to know that the price of a house in South Korea varies according to the city, as well as the area of the property and the location of the property. Here you can see these prices in general:
| Property | Costs in Won (₩) | Costs in dollars |
| Price per square meter to buy apartment in City Centre | 15,744,480.42 | 14,715.93 |
| Price per square meter to buy apartment Outside of Centre | 8,862,091.72 | 8,179.48 |
| Renting a 1 bedroom apartment in City Centre | 649,340.94 | 597.59 |
| Renting a 1 bedroom apartment Outside of Centre | 457.794.53 | 421.31 |
| Renting a 3 bedroom apartment in City Centre | 1,719.051.85 | 1,582.05 |
| Renting a 3 bedroom apartment Outside of Centre | 1,008.653.85 | 928.27 |
Cost of living in South Korea
One of the things that an applicant should consider before applying to migrate to South Korea is the cost of living in this country. The cost of living for each person depends on his/her lifestyle and living conditions, which may be less or more than the average amount, here you can see the costs of living in South Korea.
| Categories | Costs in Won (₩) | Costs in dollars |
| Inexpensive Restaurant | 7,350.00 | 6.76 |
| Cappuccino | 4,495.61 | 4.14 |
| Mineral water (one bottle) | 864.78 | 0.80 |
| Milk (1 liter) | 2,464.12 | 2.27 |
| Rice (1kg) | 4,546.90 | 4.18 |
| Eggs (12) | 3,175.93 | 2.92 |
| Cheese (1kg) | 19,339.65 | 17.80 |
| Chicken fillet (1kg) | 10,980.53 | 10.11 |
| Red meat (1kg) | 33,955.51 | 31.25 |
| Banana (1kg) | 4,161.54 | 3.83 |
| Oranges (1kg) | 5,814.47 | 5.35 |
| Tomato (1kg) | 6,873.25 | 6.33 |
| Potato (1kg) | 4,189.97 | 3.86 |
| Onion (1kg) | 3,035.82 | 2.79 |
| One-way Ticket | 1,250.00 | 1.15 |
Buying a property in South Korea and services provided by the Malekpour Law Firm
As explained earlier, it is possible for many people including non-resident applicants to buy a property in South Korea, but if you want to obtain a residence permit in South Korea by purchasing a property you must note that this method will not lead to getting a residence permit in this country and it is better to apply through other methods. Malekpour Law Firm (MIE Austria) as an international law firm in the Middle East can help you in this regard and can provide you with information on how to buy a property in South Korea or even other countries so that you can buy a suitable property in your desired country. This article is written and prepared by the experts of the Malekpour Law Firm and for more information in this regard you can consult with our legal experts. Before applying for immigration, we suggest that in order to know the laws related to immigration and obtaining a residence permit in different countries, watch the step-by-step guide for obtaining a residence permit video so that you can have comprehensive information about immigration laws in each country.
Investment standards in South Korea
If you intend to obtain a residence permit in South Korea by purchasing a property, it is better to check the investment standards in South Korea before buying a property or investing in this country. When it comes to investment standards, you should take a look at issues such as expropriation (property confiscation) rates, regulatory quality and corruption control.
Investment indicators in South Korea
One of the other thing that should be considered before investing in South Korea are the investment indicators in this country. Influential economic indicators in a country are GDP and inflation.
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