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| Residential
areas are spread all over Seoul, excluding
the business districts in the northern
part of the city. Even in commercial
areas in Apgujeong-dong or Sinchon,
you will find residential areas behind
the main thoroughfares. Besides, in
the suburbs of Seoul, there are huge
residential complexes in so-called
'new cities' that have been developed
over the last decade: Bundang, Ilsan,
etc. There are different types of
payment methods for purchasing or
leasing houses in Seoul. |
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Purchasing
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For a foreigner wishing
to purchase a house,
it is advisable to
seek the assistance
of a real estate agent.
The price generally
depends on the location
and the age of the
building. A real estate
agent will provide
additional services
like registration.
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Rental
Type 1: Jeonsea (Key
Money) |
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The Jeonsea system
is one of the traditional
rental options in
Korea. When making
a contract, you have
to pay 60 to 70 percent
of the value of the
house as deposit.
There are no monthly
payments. This deposit
is returned to you
upon termination of
the lease.
The fact that the
Jeonsea system has
been popular in Korea
so far shows how high
interest rate Korean
banks give. There
is, however, a tendency
of replacing the Jeonsea
system with the Wueolsea
as a bank rate declines
nowadays
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Holding
a
house
by
lease
on
a
deposit
basis
Deposit
is
returned
upon
termination
(only
principal,
not
interest)
No
monthly
payments
Contracting
period:
1~2
years
on
average
10
percent
of
deposit
you
will
pay
as
contract
money
at
the
time
of
contracting
The
remaining
90
percent
of
deposit
when
moving
in.
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Tenants are responsible
for maintenance as
it is. |
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Rental
Type 2: Wuelsea (Monthly
Payment) |
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There
are
2
kinds
of
the
Wueolsea
system:
10
to
20
times
the
amount
of
the
monthly
payment
is
deposited
with
the
owner
for
the
term
of
the
lease.
You
also
pay
for
the
house
rental
monthly
fee
to
the
owner.
The
deposit
is
returned
to
the
tenant
upon
termination
of
the
lease.
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| 2. |
This
requires
advance
payment
of
the
monthly
rent
at
a
set
date
every
month
for
the
entire
lease
term.
No
deposit
is
required.
This
system
is
popular
among
foreigners
in
Itaewon,
Hannam-dong
and
Seongbuk-dong.
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Rental
Type 3: Boarding House |
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This system is suitable
for a single or a
student from foreign
countries. Rent is
paid monthly to the
owner, and a contract
is not required. In
these settings, a
landlord usually provides
a room and two meals
daily for the tenant.
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| Leasing
Regulations
Administrative district offices
("Gu" or "Dong" offices) of Seoul
City offer information on leasing
regulations. Click for contact information of those
offices. If you need language
assistance in English, call the
Seoul Help Center for Foreigners
at (82-2) 731- 6800~2.
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