Accommodation and Real Estate in Korea

admin1 September 3, 2014 0

Looking for an accommodation or real estate is a time consuming and a tremendous job. And looking for an accommodation or a real estate in a foreign country is even tougher. So what do you do when you first arrive in Korea? In a country whose places you have no idea about, whose people you don’t know, and possibly whose language you half understand? You consult here.

These are few things that would definitely cross your mind while looking for a good accommodation in Korea. Here are some of them enlisted –

Rented Accommodation in Korea

Firstly, what is the market like in Korea for renting real estate or houses? Or maybe, what type of accommodation is available and how much do you have to pay for them?

Well, it’s probable that you chose to leave in happening areas which are densely populated and highly industrialized areas like Seoul or Busan in South Korea. So it is advisable for you to opt for an apartment or a villa. The further you leave the populated areas and go downtown into the countryside, it is better to select private houses.

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However, if you are settling in Korea for a short period of time then you are better off with renting hotel, hostels and suites. They are available for short term lease and are quite affordable. Your short term leases come at a minimum period of 6 months to one year.

 

For a high-rise renting accommodation, it will probably cost you around USD 650-5000, all depending on the location and size of the place. Of course, the amount that you pay as an initial deposit will depend on the amount you pay as your monthly rent.

As for villas, they tend to be a lot bigger so it would probably be a share with other people. The prices usually start at USD 2000 and it can even reach up to USD 10000. The rent however can be charged daily as well as monthly as per the amount of time you are renting and also as suited by the renter.

Cost of  Luxury Hotel Stay in Korea

First class Hotels on the other hand are the first choice if you look with respect to comfort and lavishness, but they are rather expensive. The services you are offered here are the best, but then it increases the pay considerably.

There are also a number of different affordable hotels that you can check into that give equal amount of customer services, but lack a little with respect to lavishness. You will generally find hotels like these in several cities including Incheon, Kangwon- do and Daejeon.

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There are multiple numbers of e-booking sites that you can visit to offer you the best in Korea as well as guide you professionally through everything from booking to accommodation to guide you while you arrange all the things required. After all, finding a good residence to settle in is the first step to becoming comfortable in a brand new country. And because it is Korea, you will be provided with the best services.

This table below will offer you a complete idea of the accommodation costs in Korea. Please note that the present currency rate is 1$ = 1022 ₩ (South Korean Won).

Rented accommodation costs

  • Apartment (1 bedroom) in City Centre                       1,017,735.71 ₩
  • Apartment (1 bedroom) Outside of Centre                589,390.38 ₩
  • Apartment (3 bedrooms) in City Centre                     2,676,400.00 ₩
  • Apartment (3 bedrooms) Outside of Centre             1,452,415.00 ₩
  • Prices of condominium units  With $1,200 to $4,000 per square feet area

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Buying accommodation costs

  • Price per Square Meter to Buy Apartment in City Centre      10,330,000.00 ₩
  • Price per Square Meter to Buy Apartment Outside of Centre           4,041,666.67 ₩

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