Real Estate in Suwon, Korea
Last updated on Jan 06, 2024
Summary: The average cost of a nice 2 bedroom home in Suwon, Korea is around $200,000 USD. These properties typically include modern amenities such as air conditioning, central heating, and a full kitchen. A nice 3 bedroom home in Suwon will cost around $250,000 USD. These properties typically include modern amenities such as air conditioning, central heating, and a full kitchen. Foreigners are allowed to own property in Suwon, but there are some restrictions. For example, foreigners are not allowed to own land in Korea, and they must obtain permission from the Korean government before purchasing a property. The best way for an expat to search for a home to buy in Suwon is to use a real estate agent. A real estate agent can help you find the right property for your needs and budget. Additionally, they can provide you with information about the local market and help you negotiate a good price. The most desirable neighborhoods in Suwon are those that are close to public transportation, shopping, and entertainment. Popular neighborhoods include Paldal-gu, Gwonseon-gu, and Yeongtong-gu.
How do I find a place to live in Suwon?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"One way to find a place to live in Suwon is to search online for rental listings. Websites such as Goshiwon, Naver, and Daum are popular resources for finding rental listings in Suwon. Additionally, you can search for rental listings on social media platforms such as Facebook and Instagram. You can also contact local real estate agents who specialize in rental properties in Suwon. Finally, you can ask friends and family who live in Suwon for recommendations," remarked one foreigner who made the move to Suwon.
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What is a typical expat home or apartment like in Suwon?
"Expat homes and apartments in Suwon are typically modern and spacious, with large windows that let in plenty of natural light. Many of the apartments come with amenities such as air conditioning, high-speed internet, and modern appliances. Many of the buildings also have a gym, pool, and other recreational facilities. Expat homes and apartments in Suwon are usually located in convenient areas, close to shopping, restaurants, and other attractions," remarked one foreigner who made the move to Suwon.
Expats interested in International Health Insurance should take a minute to get a quote from our trusted expat health insurance partner, CIGNA.
Expats interested in International Health Insurance should take a minute to get a quote from our trusted expat health insurance partner, CIGNA.
What is the average cost of housing in Suwon?
If you are thinking about moving to Suwon, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Suwon varies depending on the size and location of the property. Generally, the average cost of a one-bedroom apartment in Suwon is around 500,000 won per month, while a two-bedroom apartment can cost up to 800,000 won per month. Prices for larger apartments and houses can range from 1 million won to 3 million won per month," remarked one foreigner who made the move to Suwon.
Should I buy or rent a home in Suwon?
If you have not spent a lot of time in Suwon, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Suwon can be a great investment, as the city is growing rapidly and property values are increasing. However, it is important to consider the cost of living in the area, as well as the availability of rental properties. Renting a home in Suwon can be a great option for those who are not ready to commit to a long-term purchase, as it allows for more flexibility and can be more cost-effective in the short-term. Ultimately, the decision to buy or rent a home in Suwon should be based on individual needs and preferences," said one person in Suwon.
What do I need to know when buying property in Suwon?
When we asked expats what advice they would give a foreigner before buying a property in Suwon, they said:
"1. It is important to research the area you are interested in buying property in, to ensure it is suitable for your needs. 2. It is also important to understand the local laws and regulations regarding property ownership in Suwon. 3. It is recommended to seek professional advice from a real estate agent or lawyer to ensure you are aware of all the legal requirements and potential risks associated with buying property in Suwon. 4. It is also important to consider the cost of living in Suwon, as well as the availability of public transportation, schools, and other amenities. 5. Finally, it is important to ensure that you have the necessary funds to purchase the property, as well as any additional costs associated with the purchase," wrote one expat who made the move to Suwon.
Are foreigners allowed to own property in Suwon?
When we asked expats what advice they would give a foreigner before buying a property in Suwon, they said...
"Foreigners are allowed to own property in Suwon. However, there are certain regulations and procedures that must be followed. Foreigners must obtain a Foreigner's Real Estate Acquisition Report from the local government office, which requires providing personal identification and details about the property being purchased. Additionally, foreigners may be subject to certain restrictions on the type of property they can purchase, such as agricultural land or properties near military installations. It is recommended that foreigners consult with a local real estate agent or attorney to ensure they are following the proper procedures and adhering to any restrictions," said one in Suwon.
What appliances are typically included in a rental?
We asked foreigners in Suwon what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"In a rental property in Suwon, tenants can typically expect to find a refrigerator, washing machine, air conditioner, and gas stove. Additionally, some rental properties may include a microwave, water purifier, and/or a dishwasher," remarked one foreigner who made the move to Suwon.
Additional Information about Searching for a Home in Suwon:
We asked foreigners in Suwon what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats searching for homes in Suwon, often start by browsing online real estate websites and forums dedicated to expat housing. They may also join social media groups and communities where they can ask for recommendations and advice from fellow expats living in the area. Additionally, they might reach out to local real estate agents who are familiar with the needs of foreign residents and can help them navigate the housing market. Some expats may also rely on word-of-mouth referrals from friends, colleagues, or acquaintances who have already found housing in Suwon. Finally, visiting the city and exploring different neighborhoods in person can help expats get a feel for the area and find a home that suits their needs and preferences," explained one person living in Suwon, Korea.
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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