Types of Housing
Korea offers several types of housing, each with different characteristics and price ranges.
Apartment
Multi-unit buildings with each floor divided into separate residences. Most are unfurnished — you will need to purchase furniture and appliances yourself.
Officetel
Studio apartments combining "office" and "hotel." Usually come fully equipped with basic furniture and appliances (called "full options"). Available as one-room or two-room units.
Residence (Serviced Residence)
Similar to officetels but with hotel-level amenities such as a fitness club, swimming pool, and sauna. Includes hotel-style services.
Hanok
Traditional Korean houses made of wood. Many have been remodeled for modern living. Concentrated in Bukchon and Namsan Hanok Villages in Seoul.
Rental Systems
1. Jeonse (Lump-Sum Deposit)
A rental method unique to Korea. You pay a large deposit (usually 60-70% of property value) and live rent-free. The full deposit is returned when the contract ends. Contracts are typically renewed every two years.
The landlord cannot terminate the contract before two years unless the tenant wishes to leave. Utilities are paid separately.
2. Wolse (Monthly Rent)
A smaller deposit plus monthly rent payments. The landlord may negotiate — a larger deposit means lower monthly rent, and vice versa. Utilities are typically paid separately.
3. Pre-paid Lease
One full year of rent paid upfront as a lump sum. Popular among foreigners. Common in areas like Pyeongtaek, Songdo, and Itaewon.
Tips for Renting
- Always use a licensed real estate agent rather than dealing directly with the landlord
- Check the certified copy of the real estate register before signing (confirms owner, address, liabilities)
- Keep the down payment within 10% of the deposit
- Keep all payment receipts
Contract must include: Location matching the certified register, contracted price, payment schedule, contract period, and signatures of both parties.
Area Measurement
The official unit is ㎡, but "pyeong" is widely used. 1 pyeong ≈ 3.3 ㎡. Prices vary by housing type, size, and location. In Seoul, Gangnam-gu, Seocho-gu, Songpa-gu, and Yongsan-gu tend to be the most expensive.
Source: KOTRA 2019 Guide to Living in Korea. Information may have changed — always verify with official sources.