Authored by the expert who managed and guided the team behind the South Korea Property Pack
Yes, the analysis of Busan's property market is included in our pack
Buying property in Busan as a foreigner is straightforward since South Korea allows non-residents to purchase real estate with the same legal rights as locals.
The process involves finding a reliable real estate agent, securing the necessary legal documents, making an offer, signing contracts, paying deposits and taxes, and completing property registration within specific deadlines.
If you want to go deeper, you can check our pack of documents related to the real estate market in South Korea, based on reliable facts and data, not opinions or rumors.
Foreigners can purchase property in Busan with full ownership rights, following a 12-step process that includes document preparation, agent selection, contract signing, and government registration.
The entire process typically takes 30-60 days and requires a 10% deposit, various taxes and fees, plus completion of property registration within 60 days of purchase.
| Step | Required Action | Timeline |
|---|---|---|
| 1. Eligibility Check | Confirm foreign ownership rights in chosen area | 1-2 days |
| 2. Property Research | Identify available apartment types and locations | 1-4 weeks |
| 3. Document Preparation | Gather passport, certificates, and legal papers | 1-2 weeks |
| 4. Agent Selection | Hire verified English-speaking real estate agent | 3-7 days |
| 5. Property Viewing | Visit properties and conduct due diligence | 1-3 weeks |
| 6. Offer & Contract | Make offer and sign preliminary contract | 1-3 days |
| 7. Deposit Payment | Pay 10% deposit upon contract signing | Same day |
| 8. Tax Calculation | Calculate acquisition taxes and registration fees | 1-2 days |
| 9. Final Registration | Complete property registration at local office | Within 60 days |
Can foreigners legally buy property in Busan?
Yes, foreigners can legally purchase property in Busan with the same ownership rights as South Korean nationals.
The South Korean government allows non-residents to buy freehold properties without requiring local residency status or long-term visas. You can purchase property even while holding just a tourist visa.
A few restricted zones exist that require additional government approval, but these are limited areas and most residential properties in Busan are available for foreign purchase. The ownership is permanent and transferable, giving you full property rights including the ability to rent, sell, or pass the property to heirs.
As of September 2025, this policy remains stable and foreigners continue to invest actively in Busan's residential market.
What types of properties can I buy in Busan?
High-rise apartments are the most common property type available for purchase in Busan, ranging from compact studios to large family units.
The Busan residential market offers several property categories. Apartments in high-rise buildings dominate the market, especially in central areas and coastal districts like Haeundae. These range from 30-square-meter studios to 150-square-meter four-bedroom units.
Officetels represent another popular option - these mixed-use buildings combine residential and small office spaces, typically smaller than traditional apartments but offering more flexibility. In suburban areas, you'll find single-family homes and villas, though these are less common for foreign buyers.
Premium locations like Marine City and Centum City offer luxury condominiums and townhouses with ocean views and high-end amenities. These properties typically cost 30-50% more than standard apartments but provide resort-style living.
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What legal documents do I need to prepare before buying?
You need to prepare seven core legal documents before starting the property purchase process in Busan.
| Document Type | Purpose | Where to Obtain |
|---|---|---|
| Valid Passport | Primary identification for all transactions | Your home country's passport office |
| Nationality Certificate | Proof of citizenship for foreign ownership | Embassy or consulate in Korea |
| Residence Certificate | Current address verification | Home country local government |
| Land Acquisition Report | Legal notification to Korean authorities | Local district office in Busan |
| Property Registration Number | Official property identification | Immigration Office or Supreme Court |
| Power of Attorney | Legal representation if buying remotely | Korean notary office |
| Apostille Certification | International document validation | Your home country's government office |
How do I find a reliable real estate agent in Busan?
Choose an English-speaking agent with verified credentials and experience serving foreign buyers in the Busan market.
Start by researching established agencies that specialize in foreign transactions, such as JK Realty, UN Real Estate, and Alice Realty. These companies regularly handle international buyers and understand the specific requirements for foreign property purchases.
Verify agent credentials through the Korean Association of Realtors and check client reviews on forums like Reddit's Living_in_Korea community. Look for agents who can provide references from recent foreign buyers and have at least 2-3 years of experience in Busan's market.
Avoid agents who pressure you for quick decisions, request unusual payment arrangements, or cannot provide proper licensing documentation. A reliable agent will offer transparent fee structures, typically 0.3-0.9% of the property value, and will explain all steps clearly in English.
Use official platforms like Naver Land to cross-reference property listings and ensure your agent is showing you legitimate, accurately-priced properties.
What is the standard process for making an offer?
The offer process in Busan follows a four-step sequence: research and due diligence, property visits and negotiation, preliminary contract signing, and formal contract execution.
Begin with thorough research using platforms like Naver Land and Zigbang to identify properties within your budget and preferred areas. Conduct due diligence by checking the property's title status, outstanding liens, and zoning restrictions through your agent or legal representative.
Visit selected properties with your agent and negotiate terms including price, closing timeline, and any included furnishings or appliances. In Busan's market, sellers typically expect offers within 5-10% of the listed price, though luxury properties may have more negotiation room.
Once terms are agreed, sign a preliminary contract and pay a deposit of typically 10% of the purchase price. This secures the property while final documents are prepared. The formal contract signing occurs at a notary office with both buyer and seller present, or their authorized representatives.
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How do I handle contract signing and who needs to be present?
The formal contract signing requires the buyer, seller, real estate agent, and often a notary to be present at a designated notary office in Busan.
If you're purchasing remotely from outside Korea, you must prepare a notarized power of attorney authorizing a local representative to sign on your behalf. This document needs apostille certification from your home country and official Korean translation.
The contract signing typically takes 1-2 hours and includes verification of all parties' identities, review of contract terms in both Korean and English, and execution of payment arrangements. The notary ensures all legal requirements are met and documents are properly filed.
Your agent should coordinate the meeting and ensure all parties understand their obligations. The signed contract becomes legally binding immediately, so review all terms carefully before signing.
After signing, you'll receive copies of the contract in Korean and English, along with receipts for any payments made during the meeting.
What deposits and down payments do I need to pay?
Standard deposits in Busan property transactions are 10% of the purchase price, paid when signing the preliminary contract.
For cash purchases, you'll pay the 10% deposit upfront, followed by the remaining 90% at final closing. If you're using mortgage financing, down payment requirements for foreigners typically range from 30-70% of the property value, depending on your financial profile and the lending bank's policies.
Korean banks impose stricter requirements on foreign borrowers compared to local buyers. You'll need to demonstrate stable income, maintain a Korean bank account for at least 6 months, and provide additional documentation proving your financial stability.
The deposit is usually held in an escrow account managed by the real estate agency or notary office until closing. This protects both buyer and seller if the transaction fails to complete.
Additional upfront costs include agent fees (0.3-0.9%), legal fees, and initial tax payments, which can add another 3-5% to your total upfront investment.
What taxes and fees do I pay during the transaction?
Property buyers in Busan pay acquisition taxes, registration fees, agent commissions, and various administrative charges that total 4-8% of the property value.
| Fee Type | Rate/Amount | When Paid |
|---|---|---|
| Acquisition Tax | 1-4% of property value | Within 60 days of purchase |
| Registration Tax | 2% of property value | At property registration |
| Agent Commission | 0.3-0.9% of property value | At contract signing |
| Legal/Notary Fees | 300,000-800,000 KRW | At contract signing |
| Translation Services | 100,000-300,000 KRW per document | During document preparation |
| Currency Exchange Fees | 0.1-0.3% of transferred amount | During money transfer |
| Property Inspection | 200,000-500,000 KRW | Before final contract |
How do I complete property registration at the government office?
Property registration must be completed at the local district office within 60 days of your purchase contract signing.
Submit your Land Acquisition Report to the relevant district office in Busan first, followed by completing the actual property registration at the official land registry (Cadaster). Your real estate agent or legal representative can handle this process on your behalf if you provide proper authorization.
Required documents for registration include the signed purchase contract, proof of payment, your passport and nationality certificates, and the completed Land Acquisition Report. All foreign documents need certified Korean translation.
The registration process typically takes 3-5 business days once all documents are submitted. You'll receive an official property title certificate confirming your ownership, which should be kept in a secure location.
Missing the 60-day deadline can result in penalties and potential legal complications, so ensure your agent tracks this timeline carefully throughout the transaction.
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What common mistakes do foreign buyers make?
The most frequent mistakes foreign buyers make in Busan include missing registration deadlines, inadequate due diligence, and working with unverified agents.
Missing the 60-day deadline for submitting Land Acquisition Reports and completing property registration leads to penalties and potential legal issues. Many foreign buyers underestimate the importance of this timeline and fail to track it properly.
Inadequate property research is another major pitfall. Buyers often skip checking title status, outstanding liens, zoning restrictions, and building management issues. These oversights can lead to unexpected costs or legal complications after purchase.
Working with unreliable agents who lack proper credentials or experience with foreign transactions causes delays, miscommunication, and sometimes financial losses. Some buyers choose agents based solely on price rather than qualifications and track record.
Other common errors include insufficient document preparation, improper currency transfers that violate Korean banking regulations, and failing to obtain proper insurance coverage during the transaction process.
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How do I avoid problems with document translation and notarization?
Use only certified translation services and ensure all documents receive proper apostille certification from your home country before arriving in Korea.
Work with bilingual real estate agencies that provide in-house translation services or have established relationships with certified Korean translators. These agencies understand which documents need official translation versus simple interpretation.
Obtain apostille certification for crucial documents like your nationality certificate, residence certificate, and power of attorney before traveling to Korea. This international certification process can take 2-4 weeks in most countries, so plan accordingly.
For documents that need notarization in Korea, use only licensed Korean notary offices. Your agent should recommend reputable notaries who regularly handle foreign property transactions and understand the specific requirements.
Keep multiple copies of all translated and notarized documents throughout the process. Korean government offices often retain original documents, so having certified copies prevents delays if additional submissions are required.
What money transfer pitfalls should I avoid?
The biggest money transfer mistakes include using unauthorized transfer services, ignoring South Korean banking regulations, and failing to optimize exchange rates and fees.
All property purchase funds must be transferred through approved Korean banks following the Foreign Exchange Transactions Act. Using unofficial money transfer services or cryptocurrency can result in transaction rejection and legal complications.
Monitor exchange rates carefully and consider using currency hedging services for large transactions. Korean won exchange rates can fluctuate 3-5% monthly, significantly impacting your total cost. Many banks offer rate-lock services for property purchases.
Bank transfer fees vary significantly between institutions. International wire transfer fees typically range from $30-100 USD, plus 0.1-0.3% of the transfer amount. Shop around and negotiate with banks, especially for large transfers.
Maintain detailed records of all money transfers, including exchange rates, fees, and transfer dates. Korean tax authorities may request this documentation during property registration or future tax filings.
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Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Successfully purchasing property in Busan requires careful attention to legal requirements, proper documentation, and working with experienced local professionals.
The process is straightforward for foreigners but demands strict adherence to timelines and regulations to avoid costly mistakes.
Sources
- Invest Asian - Busan Property Investment Guide
- BambooRoutes - Moving to South Korea Property Guide
- BambooRoutes - Busan Property Market
- BambooRoutes - Property Investment in Busan
- BambooRoutes - South Korea Real Estate for Foreigners
- BambooRoutes - Moving to Korea Property Purchase
- Juwai Asia - Korean Property Investment
- Aparthotel - Financing Property in South Korea
- Busan Metropolitan City - Official Land Information