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If you are new to South Korea and need to find somewhere to live it is likely you will be dealing with a real estate agent. There are agencies which are used to dealing with foreigners and this can be a real help in terms of language and they will understand a foreigners expectations better.
Korea has plenty of real estate agents located all around the country, especially on the streets of Seoul. You should be able to spot them by their window displays of ads and listings of rentals. A number of professional real estate companies provide tours in English & have translators on-site. Some companies also offer useful extra services; such as moving your possessions/furniture from one country to another. So make sure to do some research before picking just any agency as you might find some of the additional services useful. Korean business culture means consultants want to develop personal relationships with their clients. You might not be used to this, but take the time to talk. Remember that you can negotiate on price (this is far from taboo in Korea!). Up to a 10% discount off the advertised price can be negotiated in some cases. FeesMost real estate agents do charge a fee and the ones that do not often provide fewer services. Fees are set by government regulation and agents are prohibited from charging more than the maximum legal amount permitted. For a rental transaction, an agent is entitled to 0.5% of the annual rental income (rates correspond to government set standards in March 2003). If you cannot speak Korean, there are local English speaking agents who provide translating and negotiating services for a fee. You can find such agents listed in any newspaper in English. Tips for dealing with estate agentsIn order to save yourself time and money, it is important that you understand the norms and customs of doing business in Korea. Before agreeing to anything, make sure you understand the details of each part of the transaction first. Research current fees set by the government and also the services each agency promises to provide. Also, when doing business with independent service providers or directly with property owners, clarify the terms of agreement in order to prevent any potential misunderstandings. Get a local to help you if you can! By Just Landed Do you have any comments, updates or questions on this topic? Ask them here:
Do you plan to buy property in Korea? Korea has a developed real estate market and ownership regulations are almost similar between locals and foreigners. Here, you’re not only allowed to buy commercial real estate on a freehold basis but also land. With that said, some foreigners find it difficult to find real estate agents that can help them finding residential or commercial real estate in cities like Seoul, Busan, or on Jeju Island. In this article, I list the top real estate agents available in Korea, explaining their history, services, and more. 1. Colliers International KoreaFounded in Canada in 1898, Colliers was originally called Macaulay Nicolls Maitland but merged with an Australian real estate company, Colliers, to expand their operations globally. Colliers now has 396 offices with more than 15,000 employees in 69 countries and is considered a market-leader. Under the leadership of the CEO- John McLernon, Colliers International’s office in Korea is situated in Seoul and has roughly 20 employees. The management consists of a group of Korean nationals. In 2016, they won the Best Overall Advisor & Consultant Award in Asia awarded by Euromoney Real estate Awards. Property typesColliers offers a big variety of products, including both residential and commercial property. They have offices, warehouses, industrial and retail properties for commercial purposes. Services offeredColliers International Korea offers everything from project management, valuation, and appraisals. They also provide consultation and brokerage services as needed. Office addressColliers International | Korea, 14F, S Tower, 82, Saemunan-ro, Jongno-gu, Seoul 2. JLL KoreaJLL is a global real estate service company that has 330 offices and more than 77,000 employees working in over 80 countries. The company’s history can be traced back as early as 1783 and was first established by Richard Winstanley in London. Over the years, the company evolved and merged with other companies in order to expand worldwide. In Korea, JLL has 3 offices that are all based in Seoul and with around 30 employees led by a primarily Korean management team. The newly-promoted country head, Chae Hun Chang, has more than 23 years of experience in the real estate sector in both South Korea and globally. Since joining the company in 2000, Chang has held different leadership positions. JLL Korea is renowned for being one of the top real estate agencies in the country. It was named “Best Property Consultancy” in Korea by International Property Awards Asia Pacific in 2016 and 2017. Property typesJLL offers different types of properties including residential, industrial, hotels and hospitality, and retail properties. Services offeredJLL provides different professional services for both corporations and investors. The services range from lease administration and workplace strategy, to project management and valuation. Office addresses
3. Knight FrankHeadquartered in London with over 418 offices in 60 countries, Knight Frank is a global real estate consultancy with prime residential and commercial listings. Founded in 1896 as a valuation, surveying, and auction business, Knight Frank currently employs over 14,000 people across the globe as a leading property advisor. Founded in 2002, the Seoul-based office of Knight Frank Korea consists of a smaller team of Koreans. Property typesKnight Frank mainly provides services for commercial properties, but they sometimes offer residential options as well. Services offeredAs a consultancy company, Knight Frank offers not only valuation and consultation, but also tenant representation and global investment management. Office address2F, Pine Avenue B, 100 Eulji-ro, Jung-gu, Seoul 4. CBRE KoreaCBRE is the world’s largest commercial real estate services and investment firm with revenues in billions of US dollars. The company’s history dates back to 1906 and San Francisco. By the 1940s, the company had become one of the biggest commercial real estate service companies in the Western United States. Since then, the company has grown fast, gone public, and merged with other companies. CBRE Korea was established in 1999 and has more than 280 employees working from Seoul. In 2015, the Korean branch won the Best Property Consultancy in Asia Pacific Property Award. Property typesCBRE offers various types of commercial properties for sale, such as office space, retail properties, factories, and more. Services offered
Office address21F, Standard Chartered Bank Building, 47, Jong-ro, Jongno-gu, Seoul 5. Christine Realty Inc.Christine Realty Inc. is a fairly new player in the real estate market in Korea and was established in December 2012 by Christine Park. She previously got her bachelor’s degree in public administration at Seoul women’s university and worked at JLL before opening the realty. They now run in 2 offices in Camp Casey (Dongducheon) and Camp Humphreys (Pyeongtaek) area. Christine Realty Inc. buys and sells properties and also helps with leasing services. They specialize in helping American military and civilian families in finding a home to rent and relocate. The team consists of 7 local females. As seen on their review on Facebook, most commenters mentioned the same thing: Christine Realty offers friendly and dedicated realty services and they are passionate about helping U.S. families to have a smooth transition from the States to Korea. If you are moving with your family, Christine Realty can be a good option. Property typesThe company specializes in finding homes for American families. Most of the properties are houses, apartments, and villas for rent. Services offeredChristine Realty aims to provide dedicated, friendly, and bilingual real estate services such as leasing, property marketing, buy/sell, and real estate development. Office addressChristine Realty Inc. Camp Humphreys, Gyeonggi-do, Pyeongtaek-si 6. Cushman & Wakefield KoreaFounded in 1917 by Clydesdale Cushman and Bernard Wakefield in New York, Cushman & Wakefield currently has 253 offices in over 70 countries with nearly 45,000 staff. The current CEO is Brett White, who has years of experience in the real estate market. He served as the CEO for CBRE 7 years before joining DTZ who merged with Cushman & Wakefield. The first Korean office was established in 2000. The current managing director is Richard Hwang who is also responsible for retail investment/ leasing commercial transactions and many more. Other key people include Dan Kim & Jae UK. They are each responsible for the different divisions, including project management and retail transaction services. Property typesCushman & Wakefield only provides services related to commercial properties such as offices and shopping centers. Services offeredCommercial and retail-related services such as project management, retail leasing, tenant representation, valuation, consulting, office platform solutions, and more. Office address6F Seoul Finance Center, 136, Sejong-daero, Jung-gu, Seoul 7. RE/MAX KoreaFounded in 1973 by Dave and Gail Liniger in Denver, Colorado, RE/MAX is a network of over 100,000 brokers operating in more than 100 countries. RE/MAX stands for “Real Estate Maximums”. Under the lead of Shin Hee Sung (신희성), RE/MAX has an executive team consisted of local Koreans with a total of 16 offices that provides different real estate services including consultancy, advertising, sales & leasing and etc. The headquarter is located in Seoul. Property typesEach office offers different commercial properties including offices and retail buildings. However, RE/MAX has more options when it comes to commercial purposes. You can rent or buy your choice of property. Services offeredAs RE/MAX has numerous offices, each office offers different services. Some of the offices offer only consulting services. It is best to check on their website before paying them a visit. However, just to name a few services offered: consultancy, real estate development, asset management, and marketing. Office addressThere are a dozen RE/MAX offices in Korea, including:
8. Savills KoreaSavills is a real estate advisory listed on the London Stock Exchange. Established in 1855 by Alfred Savill in England, Savills now has 600 owned and associate offices in over 60 countries employing more than 35,000 people. Located in Seoul, the Korea team has around 20- 30 people on board. As of March 2018, the Korea office has promoted Ms. Crystal Soojeong Lee from the head of the investment advisory division to CEO. She has over 19 years of experience in commercial real estate services throughout her career at BHPK, Majestar, and Savills Korea. They have 2 offices that are both located in Seoul. Property typesAs Savill is a real estate consultancy, they mainly focus on commercial and retail leasing property. Their network can connect you to some of the best properties in Korea such as Seoul Finance Center and SFC Mall. Services offeredThrough their advice, Savill can provide real estate services such as investment advisory, leasing services, secondary asset consulting, investment management, professional management, and more. Office address
9. DongnaeDongnae is a relatively new proptech company that focuses on making the search and acquisition of real estate as flawless and time-efficient as possible. Their model is simple: You simply visit the website and book a consultation to meet in person or have a call first. The company has been mentioned in various newspapers and magazines such as the Korea Herald, TechCrunch, and more. Dongnae’s young management team and employees are more than willing to help foreign buyers, making it an attractive choice for overseas investors. Property typesResidential and commercial real estate, including office space, retail property, villas, houses, apartments, and the list goes on. Services offeredThe company primarily focuses on property purchases, sales, and rental services. Office address16-3 Itaewon-ro 54-gil (Hannam-dong 682-13), Building A 2F, Yongsan-gu, Seoul 10. Ace Realty KoreaAce Realty is a popular real estate agency among foreigners as they primarily help with relocation services and to find rental apartments. As you can see on their website, they focus on finding units in the Seoul area, including districts like Gangnam, Itaewon, Yeonhui, and Ichon. The company also provides some general information related to life in Korea, including electricity, water supply, internet, and more. Ace Realty is suitable for foreigners, particularly Americans, who wish to relocate to Korea and have to find rental units. Property typesVillas, single houses, and apartments (rentals). Services offeredRentals and relocation services. Office addressD-#207, Yongsan Park Xi Bldg, Hangangryo-1Ga, Yongsan-gu, Seoul How much do I need to pay my agent in commission in Korea?You usually need to pay a commission of 0.2% to 0.9%, multiplied by the sales value. The rate is comparably low to other Asian countries. In the Philippines, for example, the rates can range between 3% to 6%. What are the regulations when buying real estate in Korea as a foreigner?You have no particular issues when buying a property in Korea as a foreigner. As mentioned at the beginning, you can buy land on a freehold basis, for example. This is not possible in most Southeast Asian countries, like Cambodia, Thailand, and the Philippines. However, before buying property, you should have a look at the following regulations:
You can read more about the regulations in my separate article “How to Buy Property in Korea”. |
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