🇰🇷 South Korea

South Korea's real estate market is dominated by the jeonse system — a unique Korean rental arrangement where tenants pay a large lump-sum deposit (typically 50-80% of the property value) instead of monthly rent. This system has shaped the entire market structure, with apartment prices in Seoul's Gangnam district regularly exceeding ₩2 billion ($1.5M USD). The government has implemented over 25 rounds of cooling measures since 2017, including multiple property taxes, loan restrictions, and reconstruction limits.

Seoul's apartment market is among Asia's most expensive, driven by extreme demand concentration — roughly half of South Korea's 52 million people live in the greater Seoul metropolitan area. New town developments like Sejong City and satellite cities around Seoul aim to relieve pressure. For foreign buyers, South Korea allows property purchases with relatively few restrictions, though obtaining a mortgage as a non-resident is challenging. Jeju Island operates as a special economic zone where property investment of ₩500 million+ grants residency rights, attracting Chinese buyers in particular.