Accommodation in South Korea

Unfortunately, expats  will soon find that securing accommodation in South Korea - a country with ten times the global average population density – is more a case of 'take what you can get', than hunting down the perfect rental. The range of housing options in Korea is very limited, and prices are obscene – however, the silver lining is that the overwhelming majority of Korean employers (especially in the ESL world) will organise your accommodation for you, as part of your employment contract.

Renting Property in South Korea

Rental accommodation in Korea generally falls into three categories: houses, which are about as common as hen's teeth, and astronomically pricey when available; villas, which are three- to five-storey buildings containing up to 10 units; and apartments, which are the high-rise buildings that dominate the skyline of every Korean city. Apartment blocks are usually built in clusters of four or eight, and will have a concrete playground/pedestrian zone in the (always-shady) area between the individual buildings.
 

If you are unlucky enough to have to organise your own accommodation in Korea, online searches and expat discussion forums are a good place to start looking for a place to stay. Take a moment to recover from the shock of rental prices, and then steel yourself to deal with the rigmarole of 'key-money' (jeonse). 

The institution of 'key-money' is unique to Korea, and is sort of like a deposit – except the amount of money you put down upfront is extraordinarily high, will affect the amount of rent you pay each month, and will be returned to you in its entirety when the lease agreement (usually two years) is concluded. The larger the amount of key-money paid up front, the smaller your monthly rental payments will be; and vice versa.  Note that owners are more forthcoming with jeonse agreements in times of high interest rates, as they'll need to invest your key-money in order to turn a profit on the rental.
 
If you can afford it, it is obviously desirable to go the jeonse route; however, if you don't have 50 to 100 percent of the market value of the apartment you wish to rent just 'lying around', you'll probably have to sign the lease on a wolse (monthly rental) basis. Expats that choose this route can expect fairly high monthly rental payments.

Be sure to take photos of your apartment when you move in, and to leave it in as good (or better) condition than you found it – otherwise, you will have to fight with your landlord to get your deposit money refunded.
 

The standard of accommodation in Korea is good, without being fantastic. Living spaces are extremely small in Korea (by western world standards), and will often follow the simple formula of bedroom, bathroom, kitchenette. Apartments generally come furnished with basic necessities, like a fridge, a two-plate gas burner, a rice cooker, and (sometimes) a washing machine. Underfloor (ondol) heating is a great bonus, and more modern apartments will have air conditioning in at least one of the rooms (more often than not, the bedroom). The lack of privacy in apartment buildings is probably the aspect of Korean housing that expats will have the hardest time adjusting to.
 

You will almost certainly be responsible for your own monthly gas, electricity and Internet bills. Gas can be quite expensive – so watch your heating costs during winter.
 

Home security is not an issue in Korea – it is an extremely safe society that you'll be moving into, and you quite simply do not need to feel vulnerable when at home. Although most apartment blocks, particularly in Seoul and Busan, employ security guards, they must count among the most under-worked members of the Korean workforce.
 

Buying Property in South Korea

It is possible for foreigners to buy property in South Korea; however, house prices are staggeringly high, and – unless you're planning to move to Korea permanently – it's quite hard to turn a profit on your investment. Mortgages are difficult to obtain, as you'll need to be able to put down a deposit of at least ₩100,000,000 on the property to even be considered for one.
 

As a foreign resident of Korea, you will need the following documentation in order to purchase property:
 

• Alien registration card
• Documents confirming the sale (i.e. a written contract with a seal)
• Registration application
• Property registration certificate
• Authenticating documents (contracts, etc.)