Authored by the expert who managed and guided the team behind the South Korea Property Pack
Everything you need to know before buying real estate is included in our South Korea Property Pack
If you want to buy residential land in South Korea as a foreigner, this guide gives you the real numbers on what to expect in early 2026.
We break down prices by region, explain how Koreans measure and compare land, and cover the extra costs that can catch foreign buyers off guard.
We constantly update this blog post to reflect the latest market conditions and regulatory changes.
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 South Korea.
How much does residential land usually cost in South Korea?
What is the average residential land price per sqm in South Korea in 2026?
As of early 2026, the average residential land price in South Korea sits around 900,000 KRW per square meter nationwide (roughly $610 USD or €560 EUR), though this figure masks enormous regional variation.
Realistic prices for residential land in South Korea range from about 50,000 KRW per square meter ($34 USD or €31 EUR) in remote rural areas up to 40 million KRW per square meter ($27,000 USD or €25,000 EUR) in prime Seoul neighborhoods like Gangnam or Hannam-dong.
The single factor that most dramatically affects land prices per square meter in South Korea is proximity to elite school districts and top-tier subway stations, as Korean families pay significant premiums to secure educational advantages and short commute times in the Seoul metropolitan area.
Compared to neighboring countries, South Korea land prices are similar to Japan's provincial cities but remain well below central Tokyo, while Seoul's premium areas now compete with Hong Kong's outer districts for per-square-meter pricing.
By the way, we have much more granular data about property prices in our property pack about South Korea.
What is the cheapest price range for residential land in South Korea in 2026?
As of early 2026, the cheapest residential land in South Korea typically costs between 50,000 and 300,000 KRW per square meter ($34 to $200 USD or €31 to €185 EUR), found mainly in rural counties far from major employment centers.
At the premium end, buyers should expect to pay between 20 million and 60 million KRW per square meter ($13,500 to $40,500 USD or €12,400 to €37,200 EUR) for buildable residential plots in Seoul's most desirable neighborhoods near elite schools and Han River views.
The main trade-off with buying cheap land in South Korea is that these plots often lack proper road access for building permits, may require expensive utility connections, and frequently come with restrictive zoning that limits what you can actually construct.
The cheapest residential land options in South Korea are typically found in deep rural counties in South Chungcheong, North Gyeongsang, and South Jeolla provinces, as well as outer districts of Seoul like Dobong-gu and Gangbuk-gu if you want to stay within the capital city limits.
How much budget do I need to buy a buildable plot in South Korea in 2026?
As of early 2026, you need a minimum budget of around 60 million KRW ($40,500 USD or €37,200 EUR) to purchase a small buildable residential plot outside of Seoul in a decent secondary city like Daegu or Gwangju.
This minimum budget would typically get you a small urban lot of 60 to 100 square meters, which is enough for a compact single-family home under Korean building coverage rules but offers limited garden or parking space.
For a well-located buildable plot with good access and utilities in the Seoul commuter belt (Gyeonggi Province), a realistic mid-range budget is 300 million to 800 million KRW ($200,000 to $540,000 USD or €185,000 to €495,000 EUR) for a plot of 150 to 250 square meters.
You can also check here what kind of properties you could get with similar budgets in South Korea.
Are residential land prices rising or falling in South Korea in 2026?
As of early 2026, residential land prices in South Korea rose approximately 2.25% nationwide in 2025, with Seoul and key transit corridors showing even stronger gains of 4% to 8% depending on the district.
Over the past five years, South Korea land prices have followed a rollercoaster pattern: sharp increases from 2020 to 2022, a correction in 2023, stabilization in 2024, and a return to growth in 2025 concentrated heavily in the Seoul metropolitan area.
The single biggest factor driving current land price trends in South Korea is the persistent supply shortage of buildable residential plots in Seoul, where redevelopment delays and limited land availability create structural scarcity that keeps pushing prices higher despite government cooling measures.
Want to know more? You'll find our latest property market analysis about South Korea here.
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How are residential land prices measured and compared in South Korea?
Are residential lands priced per sqm, acre, or hectare in South Korea?
In South Korea, residential land is officially priced per square meter (KRW/m²) in all government systems, contracts, and formal documentation.
However, in everyday real estate conversations, Koreans commonly use pyeong (평), where 1 pyeong equals approximately 3.3 square meters, so buyers should know that multiplying the pyeong price by 3.3 gives a rough per-square-meter figure for comparison.
Foreign buyers accustomed to acres (common in the US) or hectares (common in Europe and Australia) should note that Korean plots are typically much smaller than Western standards, and a "large" family lot in Korea might only be 200 to 300 square meters, which is a fraction of a typical American suburban plot.
What land size is considered normal for a house in South Korea?
A typical plot size for a standard single-family home in South Korea is 60 to 120 square meters in dense urban areas, which is significantly smaller than what Western buyers might expect for a detached house.
The realistic range of plot sizes that covers most residential properties in South Korea spans from about 50 square meters for compact urban lots up to 300 square meters for more spacious suburban family homes outside of Seoul.
Korean building regulations typically require minimum lot sizes that vary by zoning district, but in general residential zones, plots as small as 60 square meters can qualify for building permits, though coverage ratio limits mean you can only build on 40% to 60% of the land depending on the zone.
How do urban and rural residential land prices differ in South Korea in 2026?
As of early 2026, urban residential land in central Seoul costs 10 to 100 times more per square meter than rural land in remote counties, with Seoul averaging 5 to 12 million KRW/m² ($3,400 to $8,100 USD or €3,100 to €7,400 EUR) versus rural areas at 50,000 to 500,000 KRW/m² ($34 to $340 USD or €31 to €310 EUR).
Serviced land with proper road access, water connections, and sewer hookups in South Korea typically commands a premium of 2 to 5 times over nearby unserviced parcels, because the cost and difficulty of connecting utilities can be prohibitive for individual buyers.
The single infrastructure factor that most significantly drives the urban-rural land price gap in South Korea is subway station proximity, as plots within a 10-minute walk of a Seoul Metro station can cost 3 to 5 times more than similar land just 20 minutes further away by bus.
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 location factors affect residential land prices in South Korea?
Which areas have the most expensive residential land in South Korea in 2026?
As of early 2026, the most expensive residential land in South Korea is found in Seoul's Gangnam-gu (Apgujeong-dong, Daechi-dong), Seocho-gu (Banpo-dong), and Yongsan-gu (Hannam-dong), where buildable plots command 20 to 60 million KRW per square meter ($13,500 to $40,500 USD or €12,400 to €37,200 EUR).
These expensive areas share one defining characteristic: they combine access to South Korea's most elite elementary and middle school districts with prime Han River proximity and direct connections to the Gangnam business corridor, creating a triple premium that families pay regardless of economic conditions.
The typical buyer purchasing residential land in these premium Seoul areas is either a wealthy Korean family upgrading for educational access, a high-net-worth individual building a custom luxury home, or occasionally an institutional developer assembling land for ultra-premium redevelopment projects.
Prices in these top Seoul districts are still rising as of early 2026, with Songpa-gu posting gains above 20% in 2025 and Gangnam-gu rising nearly 14%, driven by persistent supply constraints and continued demand from affluent families.
Which areas offer the cheapest residential land in South Korea in 2026?
As of early 2026, the cheapest residential land in South Korea is found in rural counties of South Chungcheong, North Gyeongsang, and South Jeolla provinces, where plots sell for 50,000 to 200,000 KRW per square meter ($34 to $135 USD or €31 to €125 EUR), and within Seoul, outer districts like Dobong-gu and Gangbuk-gu offer the lowest prices at 3 to 5 million KRW per square meter ($2,000 to $3,400 USD or €1,850 to €3,100 EUR).
These affordable areas typically share common limitations: long commute times to major employment centers, aging populations, limited school options, and in rural cases, potentially restrictive zoning or inadequate infrastructure for residential construction.
Some of these cheaper areas, particularly outer Seoul districts and towns along future GTX rail corridors in Gyeonggi Province, are showing early signs of price appreciation as the new high-speed commuter rail network gradually opens and compresses travel times to central Seoul.
Are future infrastructure projects affecting land prices in South Korea in 2026?
As of early 2026, major infrastructure projects are significantly affecting residential land prices in South Korea, with areas near new GTX high-speed rail stations and major redevelopment zones showing premiums of 10% to 30% above comparable locations without planned improvements.
The most influential infrastructure projects currently driving land prices include the GTX-A line (partially opened in December 2024 connecting Paju to Seoul Station), the upcoming GTX-B and GTX-C lines, and the revived Yongsan International Business District mega-project that broke ground in late 2025.
Buyers have observed price increases of 15% to 25% in station areas within 2 to 3 years of confirmed GTX route announcements, with Gyeonggi corridor towns like Dongtan, Osan, and areas along the GTX-B route seeing the most pronounced infrastructure-driven appreciation.
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How do people actually negotiate and judge prices in South Korea?
Do buyers usually negotiate residential land prices in South Korea?
In South Korea, buyers can typically negotiate 3% to 7% off the asking price for residential land, though in hot Seoul districts with tight supply, negotiations often yield little or no discount, and some properties even sell above asking price.
Sellers in South Korea are most willing to negotiate when a plot has been listed for more than 3 to 6 months, when the land has access or zoning complications, or when interest rate increases have slowed buyer demand in the broader market.
To better negotiate, you need to understand how things are being done in this place. That's why we have built our our pack covering the property buying process in South Korea.
Do foreigners usually pay higher land prices in South Korea?
Foreigners in South Korea do not face an official price premium, but in practice they often pay 5% to 15% more than locals due to limited access to off-market deals, language barriers during negotiation, and less familiarity with local pricing norms.
The main reason foreigners end up paying more for land in South Korea is that they frequently rely on English-speaking agents who may show only a subset of available properties and have less incentive to negotiate aggressively on the buyer's behalf.
Using a trusted local representative or Korean partner can help foreigners get fairer prices in South Korea, though as of August 2025, foreigners must also obtain government permission before purchasing residential property in the Seoul metropolitan area, which adds procedural complexity regardless of who assists.
Now, you might want to read our updated list of common traps foreigners fall into when purchasing real estate in South Korea.
Are private sellers cheaper than developers in South Korea?
Private sellers in South Korea are typically 10% to 25% cheaper than developers for comparable residential land, because developers price in the value of having resolved access, utility, and permitting issues before offering the lot to market.
Developers in South Korea offer one key advantage that justifies their premium: they typically provide "clean" lots with confirmed building permits, utility hookups already arranged, and road frontage that meets local requirements, saving buyers months of bureaucratic work.
The main risk when buying from private sellers in South Korea is discovering that the land has unresolved boundary disputes, access road issues that prevent building permits, or zoning classifications that limit residential construction more than the seller disclosed.
How transparent are residential land transactions in South Korea?
South Korea has relatively high transparency for land transactions compared to many Asian markets, with the government operating a publicly accessible transaction price disclosure system and standardized official assessed values for most parcels.
Official land registries and transaction records are publicly accessible in South Korea through the MOLIT Real Transaction Disclosure System and the Internet Registry Office, though accessing full documentation requires navigating Korean-language interfaces and sometimes paying small fees.
The most common transparency issue foreign buyers encounter in South Korea is the gap between officially assessed land values (used for taxes) and actual market prices, which can differ by 50% to 200%, making it essential to verify recent comparable transactions rather than relying on official assessments alone.
The most essential due diligence step for foreign buyers in South Korea is obtaining and verifying the building register (건축물대장) and land register (토지대장) through the local district office, which confirms the exact zoning classification, permitted uses, and any encumbrances or restrictions on the property.
We cover everything there is to know about the land buying process in South Korea here.
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.
What extra costs should I budget beyond land price in South Korea?
What taxes apply when buying residential land in South Korea in 2026?
As of early 2026, buyers should expect to pay approximately 4% to 6% of the purchase price in total taxes when acquiring residential land in South Korea, though rates can be higher for certain property types or locations.
The specific taxes that make up this total include acquisition tax (typically 4% baseline, with possible surtaxes), local education tax (0.4% as a surcharge on acquisition tax), and special rural development tax (0.2%), plus stamp duty and registration fees that add another 0.2% to 0.5%.
Yes, there are recurring annual taxes after purchase in South Korea, including property tax (0.1% to 0.5% of assessed value depending on property type) and potentially comprehensive real estate holding tax (0.5% to 5%) if your total land holdings exceed certain thresholds, currently around 500 million KRW for land.
First-time home buyers in South Korea may qualify for reduced acquisition tax rates under certain programs, and foreign investors establishing qualifying businesses can access exemptions, but these benefits are limited and require meeting specific criteria established by the Foreign Investment Promotion Act.
Our our pack about real estate in South Korea will surely help you minimize these costs.
What are typical notary or legal fees for land purchases in South Korea?
Typical legal and administrative support fees for a standard residential land purchase in South Korea range from 1 million to 5 million KRW ($680 to $3,400 USD or €620 to €3,100 EUR) if you hire a licensed judicial scrivener or attorney to handle documentation.
Land registration costs in South Korea typically run 0.2% to 0.5% of the purchase price, covering the actual filing fees at the registry office, plus any certified documents and translations that foreign buyers need to prepare.
These fees in South Korea are generally calculated as a combination of flat fees for specific tasks (document preparation, translations) and percentage-based charges for registration, with total professional costs typically landing between 0.3% and 1.0% of the purchase price for a straightforward transaction.
How much does land maintenance cost before construction in South Korea?
Typical annual maintenance costs for an undeveloped residential plot in South Korea range from 1 million to 5 million KRW per year ($680 to $3,400 USD or €620 to €3,100 EUR) for a small to medium-sized lot, covering taxes, basic upkeep, and any required safety measures.
Specific maintenance tasks usually required before construction in South Korea include regular weed and vegetation clearing, securing the property with fencing or signage, maintaining drainage to prevent erosion, and potentially stabilizing slopes if the land is on an incline.
South Korea does have regulations requiring landowners to maintain their property in a safe condition, and local governments can issue notices or impose fines for neglected land that creates hazards, harbors pests, or violates local environmental ordinances.
Do permits and studies significantly increase total land cost in South Korea?
Permits and required studies for a standard residential plot in South Korea typically cost between 3 million and 15 million KRW ($2,000 to $10,000 USD or €1,850 to €9,300 EUR), depending on the complexity of the site and whether environmental or structural assessments are needed.
These permit and study costs typically represent 1% to 5% of the land purchase price in South Korea, with the percentage being higher for cheaper rural land (where infrastructure connections add more cost) and lower for expensive urban plots (where most issues are already resolved).
Mandatory permits before construction in South Korea include building permit approval from the local district office, land use conversion approval if the zoning needs to change, and potentially environmental impact assessments, soil stability studies, and utility connection applications depending on the site.
The permit and study process in South Korea typically takes 3 to 6 months for straightforward urban lots with clear zoning, but can extend to 12 months or longer for rural land requiring use conversion, complex sites needing environmental review, or areas where local authorities are slower to process applications.
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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 South Korea, 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 |
|---|---|---|
| Ministry of Land, Infrastructure and Transport (MOLIT) | National ministry publishing official land and housing policy statistics. | We used MOLIT's latest land-price announcements to anchor market direction. We translated official movements into practical KRW per m² ranges for buyers. |
| Korea Real Estate Board (KREB) | Public institution administering official price work and market monitoring. | We used this to explain officially assessed land prices and their tax implications. We also anchored our measurement methodology around the KRW per m² standard. |
| RealtyPrice Portal | Government-backed portal for viewing official standard-land prices. | We used it to cross-check order-of-magnitude land values across locations. We verified premium versus non-premium area pricing through this system. |
| MOLIT Real Transaction Disclosure System | Official database for disclosed real estate transaction prices. | We used actual transaction data as a reality check against official assessed prices. We built practical budget ranges based on what buyers actually pay. |
| Chosun Biz (MOLIT coverage) | Major Korean news outlet reporting official MOLIT/KREB data releases. | We used the reported 2025 land-price change figure as our trend anchor. We mapped this trend to negotiation leverage advice for buyers. |
| Korea JoongAng Daily | Reports concrete infrastructure events with dates and details. | We used GTX-A opening coverage to illustrate transit impact on land demand. We identified station areas where buyers are actively seeking plots. |
| Smart City Korea Portal | Government-operated policy information portal on urban development. | We used Yongsan IBD updates to show mega-project impact on nearby land values. We translated this into premium risk warnings for land buyers. |
| Seoul Metropolitan Government | City government explaining procedures for foreign buyers. | We used this to outline purchase steps and deadlines for foreigners. We created practical checklists based on their official guidance. |
| Korean Law Information Center | Official legal text from Korea's national law portal. | We confirmed the 60-day reporting rule and foreigner requirements from primary law. We explained how this affects transaction timing and preparation. |
| InvestKOREA | Government investment agency publishing standardized foreign buyer guidance. | We anchored the 4% acquisition tax baseline using their official documentation. We built our buyer cost breakdown around their tax framework. |
| St. Louis Fed (FRED) / BIS Data | Republishes BIS property price series in transparent format. | We used this as an international cross-check on Korea's housing cycle volatility. We kept our land discussion anchored to official Korean metrics. |
| Statistics Korea (KOSTAT/MODS) | Korea's official statistics authority for economic data. | We used household income statistics as an affordability yardstick. We explained why land feels expensive locally even with moderate national averages. |
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.