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
If you are a foreigner thinking about buying property in Busan, you probably have many questions about what you can legally own, what visa you need, and how the whole process works.
This guide covers everything from ownership rules and current housing prices in Busan to mortgages, taxes, and step-by-step buying instructions as of January 2026.
We constantly update this blog post to reflect the latest regulations and market conditions in Busan's real estate market.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Busan.
Insights
- Busan is not part of the 2025 foreign-buyer "permit zone" that restricts purchases in the Seoul metropolitan area, making it significantly easier for foreigners to buy here than in the capital region.
- The Bank of Korea base rate sits at 2.50% as of late 2025, and foreign buyers in Busan typically see mortgage rates between 4.2% and 6.3% depending on their documentation and residency status.
- Average apartment prices in Busan reached around 12.14 million KRW per pyeong (about 3.68 million KRW per square meter) in 2025, making Busan roughly half the price of Seoul's residential market.
- Korea does not impose foreign-ownership quotas on apartment buildings, so there is no cap on how many units foreigners can own in a single Busan complex.
- Foreigners must report their Busan property purchase to the local district office within 60 days, and non-residents face additional foreign exchange reporting requirements through their bank.
- Premium coastal districts like Haeundae and Marine City command prices above 30 million KRW per pyeong, while areas like Geumjeong-gu offer more affordable entry points.
- Total closing costs for buyers in Busan typically range from 3.5% to 6% of the purchase price, with acquisition tax being the largest single component.
- Buying a regular apartment in Busan does not grant you residency or citizenship in South Korea, unlike some investor visa programs available in places like Jeju Island.
What can I legally buy and truly own as a foreigner in Busan?
What property types can foreigners legally buy in Busan right now?
Foreigners can legally buy most types of residential property in Busan, including apartments, officetels, villas, and detached houses, with full ownership registered directly in their name.
The most important legal condition is that you must report your purchase to the local district office within 60 days of signing the contract, and if you are a non-resident, your bank will also need to process foreign exchange reporting.
What matters more than the property type is whether you are a resident foreigner living in Korea or a non-resident buying from abroad, because the paperwork and banking requirements differ significantly between these two situations.
Unlike many other Asian countries, South Korea treats foreign buyers largely the same as locals when it comes to property rights, meaning you can sell, lease, or develop your Busan property without nationality-based restrictions.
Finally, please note that our pack about the property market in Busan is specifically tailored to foreigners.
Can I own land in my own name in Busan right now?
Yes, foreigners can generally acquire and own land in their own name in Busan, but land purchases trigger specific reporting requirements to the local government office.
This applies to most standard residential land, but certain special zones like military protection areas, cultural heritage sites, or designated anti-speculation zones may require prior government permission rather than simple post-purchase reporting.
For most Busan homebuyers, the land question matters mainly when buying a detached house (where you directly own the land) versus an apartment (where you own a proportional share of the building's land rights through your unit).
As of 2026, what other key foreign-ownership rules or limits should I know in Busan?
As of January 2026, the most significant recent change is the foreign-buyer "permit zone" that took effect in August 2025, but this restriction applies specifically to Seoul, Gyeonggi Province, and parts of Incheon, not to Busan.
South Korea does not impose foreign-ownership quotas on residential buildings, so there is no cap limiting how many apartments foreigners can own within a single Busan complex.
The key reporting requirement in Busan is that you must file your transaction with the local district office within 60 days, and non-residents also need their remitting bank to document how the purchase was financed.
One regulatory point to watch in 2026 is that Korea has tightened household lending rules nationwide, including stricter debt-service ratio limits that affect both Korean and foreign borrowers seeking mortgages.
What's the biggest ownership mistake foreigners make in Busan right now?
The single biggest mistake foreigners make in Busan is skipping or incorrectly completing the required reporting steps, which creates serious problems later when trying to sell the property and remit the proceeds abroad.
If you botch the foreign exchange documentation at purchase time, Korean banks may refuse to process your outbound remittance when you sell, leaving your money effectively trapped in Korea.
Other classic pitfalls in Busan include buying cheap villas without thorough title and building compliance checks, underestimating maintenance fees in premium coastal buildings like those in Haeundae or Marine City, and failing to verify whether a property sits in a redevelopment or land-transaction permission zone.
We have made this infographic to give you a quick and clear snapshot of the property market in South Korea. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Which visa or residency status changes what I can do in Busan?
Do I need a specific visa to buy property in Busan right now?
You do not need a specific visa to buy property in Busan in January 2026, and many foreigners complete purchases while on tourist visas or short business trips, though the process becomes more complex for non-residents.
The most common barrier for buyers without local residency is opening a Korean bank account and proving the legitimate source of funds, which typically requires additional documentation and sometimes a local representative.
Korea does not require a local tax ID to complete the purchase registration itself, but you will need Korean taxpayer identification if you plan to rent out the property or file Korean income taxes.
Foreign buyers in Busan typically need to present a passport, proof of funds, the sales contract, and (for non-residents) documents authenticated by a Korean embassy or apostille showing authority to transact.
Does buying property help me get residency and citizenship in Busan in 2026?
As of January 2026, buying a regular residential property in Busan does not automatically grant you residency or any pathway to citizenship in South Korea.
South Korea does have investment-immigration tracks like the Immigrant Investor Scheme for Public Business (IISPB), but these require investing in specific government-designated funds or public projects, not simply purchasing an apartment.
The one notable exception is Jeju Island, where investing 500 million to 1 billion KRW in designated tourism properties can qualify for residency, but this program does not apply to Busan properties.
We give you all the details you need about the different pathways to get residency and citizenship in Busan here.
Can I legally rent out property on my visa in Busan right now?
Your visa status in Korea does not directly prohibit you from renting out property you own in Busan, but your tax residency status will determine how rental income is reported and taxed.
You do not need to live in Korea to rent out your Busan property, but non-resident owners typically need a local property manager and should establish clear arrangements for tenant communication, maintenance, and tax filings.
One important detail for foreigners in Busan is understanding Korea's unique jeonse rental system, where tenants pay large deposits instead of monthly rent, which significantly changes your cashflow and risk profile compared to standard monthly rentals.
We cover everything there is to know about buying and renting out in Busan here.
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How does the buying process actually work step-by-step in Busan?
What are the exact steps to buy property in Busan right now?
The standard sequence in Busan is: find and verify the property, sign the sales contract and pay a deposit (usually 10%), arrange your funds and complete any foreign exchange reporting, report the transaction to the local district office within 60 days, pay the balance, and finally register the ownership transfer at the registry office.
You do not necessarily need to be physically present in Busan for every step, as many buyers use a properly prepared and notarized power of attorney, though this increases your reliance on a trustworthy lawyer or agent.
The deal becomes legally binding when both parties sign the sales contract (called 매매계약서 in Korean) and the buyer pays the deposit, at which point backing out typically means forfeiting that deposit or paying damages.
From accepted offer to final ownership registration in Busan, expect the process to take anywhere from 4 to 12 weeks depending on financing arrangements, document preparation, and how quickly all parties complete their steps.
We have a document entirely dedicated to the whole buying process our pack about properties in Busan.
Is it mandatory to get a lawyer or a notary to buy a property in Busan right now?
Hiring a lawyer is not legally mandatory for a straightforward Busan property purchase, but it is strongly recommended for foreigners because the process involves Korean-language documents and unfamiliar reporting requirements.
In Korea, notaries primarily authenticate documents and signatures, while lawyers handle legal review, contract negotiation, and ensuring the transaction complies with all regulations, so lawyers play the more substantive protective role.
If you engage a lawyer for your Busan purchase, make sure their scope explicitly includes verifying the title registry, checking for liens or encumbrances, reviewing the contract terms, and guiding you through the foreign acquisition reporting process.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in South Korea versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What checks should I run so I don't buy a problem property in Busan?
How do I verify title and ownership history in Busan right now?
The official source for verifying title and ownership in Busan is the Korean property registry (called 등기부등본), which is maintained by the local registry office and shows the current owner, the property description, and any registered encumbrances.
You should request a certified registry extract through your lawyer or agent, which is the key document confirming who legally owns the property and whether any mortgages or claims are attached.
Most buyers and lawyers in Busan check ownership history going back at least 10 years to identify any patterns of disputes, frequent transfers, or irregularities that might signal problems.
A clear red flag that should pause or stop your purchase is any registered seizure, attachment notice, or unresolved court judgment on the property, as these indicate the property may be subject to claims that could affect your ownership.
You will find here the list of classic mistakes people make when buying a property in Busan.
How do I confirm there are no liens in Busan right now?
The standard way to confirm there are no liens on a Busan property is to obtain the certified registry extract (등기부등본), which lists all registered mortgages, attachments, provisional seizures, and other encumbrances.
Beyond the registry, you should specifically ask about any unpaid building management fees or local tax arrears, which may not always appear in the registry but can become your responsibility after purchase.
The certified registry extract itself is the best written proof of lien status, and you should obtain a fresh copy close to your closing date since new encumbrances can be registered between contract signing and final payment.
How do I check zoning and permitted use in Busan right now?
The authority for checking zoning and permitted use in Busan is the local district planning office, and you can also access land-use information through Korea's online land information system (called 토지이용규제정보서비스).
The key document confirming zoning classification is the land-use plan certificate (토지이용계획확인서), which shows the official zoning designation and any planning restrictions that apply to the property.
A common zoning pitfall for foreign buyers in Busan is purchasing in areas designated for redevelopment or regeneration projects without realizing that your intended use (renovation, quick resale, or even renting) may be restricted until the project completes.
Buying real estate in Busan can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
Can I get a mortgage as a foreigner in Busan, and on what terms?
Do banks lend to foreigners for homes in Busan in 2026?
As of January 2026, yes, Korean banks do lend to foreigners for home purchases in Busan, though the process is more demanding than for Korean citizens and approvals depend heavily on your documentation.
Foreign borrowers in Busan typically see loan-to-value ratios between 40% and 70%, with non-residents usually capped at the lower end of that range due to stricter underwriting requirements.
The most important eligibility factor is proving stable income, ideally from Korean sources, though some banks will consider well-documented overseas income for resident foreigners with established credit history in Korea.
You can also read our latest update about mortgage and interest rates in South Korea.
Which banks are most foreigner-friendly in Busan in 2026?
As of January 2026, the banks most commonly cited as foreigner-friendly for mortgages in Busan are KB Kookmin, Shinhan, Hana, and Woori, all of which have English-speaking staff and experience with foreign applicants.
What makes these banks more foreigner-friendly is their willingness to accept a broader range of income documentation, their familiarity with foreign identification documents, and their dedicated international banking desks in major branches.
Getting a mortgage as a non-resident (someone without Korean residency) is possible but significantly harder, with most banks requiring a larger down payment, a Korean co-signer, or proof of substantial overseas assets.
We actually have a specific document about how to get a mortgage as a foreigner in our pack covering real estate in Busan.
What mortgage rates are foreigners offered in Busan in 2026?
As of January 2026, foreign buyers in Busan can expect mortgage interest rates roughly between 4.2% and 6.3% per year, with the exact rate depending on the loan type, your documentation strength, and your relationship with the bank.
Fixed-rate mortgages in Korea typically carry a modest premium (0.3% to 0.8% higher) over variable-rate products, though the gap narrows when the central bank signals rate stability, as is currently the case with the base rate holding at 2.50%.
We made this infographic to show you how property prices in South Korea compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What will taxes, fees, and ongoing costs look like in Busan?
What are the total closing costs as a percent in Busan in 2026?
Total buyer-side closing costs in Busan in 2026 typically range from about 3.5% to 6% of the purchase price, depending on the property value and your specific circumstances.
This range covers most standard residential transactions, though buyers of very high-value properties or those subject to multi-homeowner surcharges may see costs toward the upper end or slightly beyond.
The main components of closing costs in Busan are acquisition tax, registration fees, brokerage commission, and administrative or legal costs.
Acquisition tax is almost always the largest single contributor to closing costs in Busan, typically ranging from 1% to 4% of the property value depending on factors like property type, value, and whether you already own other homes in Korea.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Busan.
What annual property tax should I budget in Busan in 2026?
As of January 2026, a practical budget for annual property tax on a typical owner-occupied apartment in Busan is roughly 500,000 to 2,000,000 KRW (approximately 350 to 1,400 USD or 320 to 1,300 EUR), depending on the property's government-assessed value.
Korean property tax is assessed based on the official announced price (공시가격) set by the government rather than the actual transaction price, and the rate is applied progressively with higher brackets for more valuable properties.
How is rental income taxed for foreigners in Busan in 2026?
As of January 2026, the effective tax rate on rental income for foreigners in Busan depends primarily on whether you are a Korean tax resident (taxed on worldwide income with progressive rates up to 45%) or a non-resident (taxed only on Korean-source income, often at a flat withholding rate around 20% for rental income).
Non-resident foreign owners receiving rental income in Busan typically have tax withheld at source by the tenant or property manager, while residents file annual returns and may be able to deduct expenses against rental income.
What insurance is common and how much in Busan in 2026?
As of January 2026, typical annual home insurance premiums in Busan range from about 150,000 to 600,000 KRW (approximately 105 to 420 USD or 95 to 390 EUR) for a standard apartment policy, with higher premiums for larger units, older buildings, or properties with coastal exposure.
The most common type of property insurance coverage in Busan is fire insurance (화재보험), which is often required by mortgage lenders and covers fire damage, and many policies also include basic coverage for natural disasters.
The biggest factor that makes insurance premiums higher or lower for similar properties in Busan is location relative to coastal typhoon and flood exposure, so sea-facing buildings in Haeundae or Gwangalli may see higher premiums than inland properties.
Get the full checklist for your due diligence in Busan
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Busan, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Invest Korea (KOTRA) - Related Laws | Korea's official investment promotion agency explaining real estate law in English. | We used it to anchor the principle that foreigners can buy property by reporting. We cross-checked details against statute translations and law-firm briefings. |
| Invest Korea (KOTRA) - Procedures Guide | Official checklist of what Korea expects foreigners to file and when. | We used it to build the step-by-step purchase flow and document list. We adapted it specifically to Busan home purchases. |
| Bank of Korea | The central bank and source of truth for policy rates influencing mortgages. | We used it to set the interest-rate backdrop (base rate at 2.50%). We then mapped it to typical mortgage offer ranges. |
| Kim & Chang Law Firm | Korea's top law firm providing clear legal briefings on foreign buyer rules. | We used it to confirm the 2025 permit-zone policy focuses on Seoul metro, not Busan. We built warnings about separate permission zones. |
| Foreigner's Land Acquisition Act (FAOLEX) | Official legal text hosted by an internationally recognized statutory source. | We used it to support the reporting mechanics for foreign land acquisition. We applied it to Busan district-office requirements. |
| Reuters | Highly reliable outlet for policy and financial regulation changes. | We used it to explain tightened household lending rules affecting mortgages. We translated policy into practical buyer expectations. |
| Korea Times | Major English-language Korean newspaper with reliable financial reporting. | We used it for current mortgage rate ranges from major lenders. We validated foreigner-friendly bank recommendations. |
| Ministry of Justice - IISPB | Official immigration authority describing investor pathways to residency. | We used it to separate property ownership from immigration status. We explained what does and doesn't qualify for residency. |
| Local Tax Act (KLRI) | Official Korean statute translation source for tax regulations. | We used it to anchor acquisition tax and property tax rate structures. We built realistic closing cost estimates. |
| KPMG South Korea Tax Guide | Major accounting firm providing authoritative tax reference. | We used it for resident vs. non-resident rental income taxation. We explained withholding and filing requirements. |
| Invest Korea - Brokerage Commission | Official compilation of Korea's brokerage fee framework and caps. | We used it to estimate buyer brokerage costs within closing calculations. We explained negotiable fee structures within caps. |
| Busan Metropolitan Government | Official city government source for local planning and zoning. | We used it to understand Busan's redevelopment context and zoning changes. We referenced it for local market conditions. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of South Korea. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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