With the Winter Olympics next year in Pyeongchang, South Korea, the property market is shaping up. The snowy mountains of the country appeared more prepared than Sochi in Russia for the upcoming sports tournament.
Investments are raining down on South Korea — lured by attractive yields and profits brought by the nearing Olympiad. The investors are expecting high profits when the sporting event takes place due to the high visitor numbers that will all need accommodation. South Korea’s successful bid for the Winter Olympics is also expected to boost the economy in the region.
In the capital, Seoul, properties cost US$995 per square foot (sq. ft.). Busan — on the south coast — has house prices of around US$484 per sq. ft. The South Korean island of Jeju in the Korea Strait — known for its beach resorts and volcanic landscape — has apartments from US$496 per sq. ft. Rental yields all over the country are around 2%.
Non-South Koreans can buy property in South Korea but must abide by Foreigner’s Land Acquisition Act and the Real Estate Registration Act. Residents must provide documents that they work and live in the country, while non-residents must prepare documents certifying their residence in a foreign country, or provide confirmation with proper authentication.