People looking for a homestead in South Korea will have a variety of housing available. Depending on your budget and desired living arrangement, you can chose to buy or rent a home, high rise apartment, villa, offitel, or one-room. In general, the cost of living is reasonable and you should be able to live very comfortable on your salary. Korean economic development is brisk and the economy is growing at a steady pace; however, recent government regulations and lending restrictions have put a damper on home buying.
Types of Housing in South Korea
Houses
Land space in South Korea is very limited, making single-family homes an expensive investment. One option when looking for homes is a traditional Korean house, or hanok (한옥;韓屋). These wood constructed, tile or straw-roofed homes are generally older buildings and are found mainly in the countryside. The ondol (온돌;溫突) heating system, used for centuries, is still in use today though the flat stones used to store hear under the flooring have been replaced by water pipes or electrical cable.
In addition to traditional Korean houses, there are also modern homes being built with satellite television and high speed internet access. As a matter of fact, South Korea leads the world in per-person DSL connections. Dandok jutaek (단독주택;單獨住宅) are individual homes usually one or two stories high that have a small yard.
Apartments
The population density in South Korea is 10 times the world average and high rise apartments (아파트) are the housing choice for most of South Korea's large and growing population. They are usually small and some may be shared or have shared bathrooms. South Koreans and those who come to live in the country find apartment living to be very convenient with markets, schools, and businesses in close proximity. Most modern apartments have central maintenance and heating.
Villas
Old and new villas (빌라) can be found for those looking for something in between a house and an apartment. Villas are usually larger apartment-style units located in building of three to four stories high. With the exception of expensive luxury villas, owners are responsible for their own maintenance.
Offitels and One-Rooms
Other housing choices include offitels (오피스텔), which comes from the English words 'office' and 'hotel'. These hotel-like accommodations offer the amenities of an office for dual use. One rooms are single room apartments in which your cooking, sleeping, and living are are in one room. They are an economical housing solution for many young people in South Korea.
Housing Rental System in South Korea
Two payment arrangements exist for renters in South Korea. Jeonse (전세;全貰), or 'key money', requires that a renter pay a large deposit to the property owner which is returned at the end of the rental agreement. Owners can make a profit by using the deposit in financial investments. The other method of payment is wolse (월세;月貰), where the renter pays a monthly fee.
Current Housing Climate in South Korea
The current Korean housing market is slow as a result of new government regulations on construction and restrictions on home loans. Housing prices have fallen but any potential benefit has been offset by lender's increase in mortgage interest rates. The combination of these two events have acted as a deterrent to less affluent homebuyers.
Please feel free to leave any comments about this article or housing in South Korea.
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