Buying a house in South Korea: can you as a foreigner, and why in Seoul you first need a permit

Q: What does the purchase cost?

The acquisition tax is called 취득세 . On a home the rate is: 1% for a price up to ₩ 600 million (about € 405,000); 1 to 3% between ₩ 600 and 900 million, rising with the price; 3% above ₩ 900 million (about € 607,000). If you already own a home in Korea, or buy through a company, higher rates apply. On top of the acquisition tax come an education tax and a rural development tax. We have not worked out those amounts. Ask the estate agent or the municipality for a calculation before you sign.

A foreigner may buy a home in South Korea. In all of Seoul, in nine districts of Incheon and in 23 cities in Gyeonggi you first need a permit until 25 August 2027. You report every purchase to the municipality within 30 days. The acquisition tax on a home is 1 to 3%, depending on the price.

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Written and checked by Auke on 26 October 2026, against the sources at the bottom. Is something no longer right? Report it below and I'll fix it.

As a foreigner you may buy a home in South Korea. But in a large part of the region around Seoul you first need a permit. That applies to all of Seoul, nine districts of Incheon and 23 cities in Gyeonggi province, at least until 25 August 2027. You report every purchase to the municipality within 30 days. The acquisition tax on a home is 1 to 3% of the price, plus two smaller levies.

What applies to a purchase?

Subject	What applies	Source
Permit for foreigners	all of Seoul, 9 districts of Incheon, 23 cities in Gyeonggi; detached houses, apartments and smaller residential buildings	MOLIT, 20 August 2026
Duration of that permit requirement	from 26 August 2026 until 25 August 2027	MOLIT
Reporting the purchase	within 30 days of signing, to the municipality	Real Estate Transaction Reporting Act, article 3
Exchange or gift to a foreigner	report within 60 days	same, article 8
Inheritance or auction	report within 6 months	same, article 8
Land in military, nature or heritage areas	a permit first; without a permit the contract is void	same, article 9
Acquisition tax (취득세) on a home	1% up to ₩ 600 million; 1 to 3% between ₩ 600 and 900 million; 3% above that	Local Tax Act, article 11

₩ 600 million is about € 405,000, ₩ 900 million about € 607,000.

When do you need a permit?

The housing ministry, MOLIT, wants to curb speculation by foreigners with this permit. The rule came in August 2025 and has been extended until 25 August 2027. It applies to:

Seoul. The whole city.
Gyeonggi. 23 cities, including Suwon, Seongnam, Goyang, Yongin, Anyang, Bucheon, Gwacheon, Hanam, Gimpo and Hwaseong.
Incheon. Nine districts, including Yeonsu, Namdong, Bupyeong and Yeongjong.

It covers detached houses, apartments and smaller residential buildings, with more than 6 m² of land in a residential zone. In addition, in August 2026 MOLIT designated 353 islands on the edge of the country for defence reasons.

Which conditions come with the permit is not in the press release. According to Korean news reports you must move in yourself within four months and keep living there for two years. We could not read that at an official source.

If you buy in Seoul or the region around it, do not sign a purchase contract without a permit. Ask the municipality in advance which conditions apply and how long the application takes. Also check whether the rule has been extended after 25 August 2027.

Outside those areas there is no separate permit for foreigners, except for land in military protection zones, protected heritage and nature areas. There a purchase without a permit is void.

Do you have F-4 status?

If you are of Korean descent and have F-4 status, for example as an adoptee, you are legally still a foreigner. Under article 11 of the Act on Overseas Koreans, after your residence report you have the same rights as a Korean for real estate, except in military zones. Whether that also takes you outside the permit for foreigners in Seoul, Incheon and Gyeonggi, we found no confirmation of. So ask whether the permit requirement for foreigners also applies to you, at your estate agent or a lawyer. You report the purchase in any case. More on that in adopted and returning to South Korea.

How does the report work?

For an ordinary purchase the buyer and the seller report the purchase together to the municipality within 30 days of signing. If an estate agent draws up the contract, the agent makes the report. The separate report for foreigners within 60 days only applies to what is not an ordinary purchase, such as an exchange or a gift. For an inheritance or an auction you have 6 months.

What does the purchase cost?

The acquisition tax is called 취득세. On a home the rate is:

1% for a price up to ₩ 600 million (about € 405,000);
1 to 3% between ₩ 600 and 900 million, rising with the price;
3% above ₩ 900 million (about € 607,000).

If you already own a home in Korea, or buy through a company, higher rates apply. On top of the acquisition tax come an education tax and a rural development tax. We have not worked out those amounts. Ask the estate agent or the municipality for a calculation before you sign.

What does a Korean house mean for your Dutch tax?

After you emigrate you are only taxable in the Netherlands on what you have in the Netherlands. In box 3 only Dutch real estate then counts. A house in Korea does not fall under it. The 1978 tax treaty gives the income from a home to the country where it lies (article 6).

If you only sell your house in the Netherlands later, it stays taxed in the Netherlands until the sale. How that works, and what happens to your AOW and pension, you read in AOW, pension and tax in South Korea.

Rent first?

For most people renting in the first years is the sensible choice. You get to know the neighbourhoods, and you do not have to apply for a permit straight away. Read renting in South Korea about jeonse, wolse and how to protect your deposit.

In Vertrekklaar this is phase 5 of 5 of the journey, step 5.2: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to South Korea or go straight to step 5.2 in the open plan.

What this rests on

The facts in this article come from these official pages. Rules change. When in doubt, go by the source, not this article.

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