Korean Citizens Buying Property in Singapore: Homejourney Guide
This is the definitive guide for Korean buyers, investors, and expats seeking to purchase property in Singapore. Homejourney provides verified insights, market data, and safety-focused advice to help South Korea citizens navigate regulations, taxes, and the buying process with confidence. Whether you're a Korean buyer Singapore looking for a condo or a Korean investor guide eyeing returns, this pillar covers everything from eligibility to closing.
Table of Contents
- Executive Summary
- Eligibility and Property Types for Korean Citizens
- Stamp Duties and Taxes (ABSD 2026 Rates)
- Financing for Korean Buyers
- Step-by-Step Buying Process
- Singapore Property Market for Korean Investors
- Best Districts for Korean Buyers
- Common Mistakes and Red Flags
- Full Costs Breakdown
- FAQ
- Next Steps with Homejourney
Executive Summary
Korean citizens can buy private condominiums and apartments in Singapore without restrictions, but landed properties require Singapore Land Authority (SLA) approval, and HDB flats are off-limits.[1] Additional Buyer's Stamp Duty (ABSD) at 60% applies for first-time purchases as of 2026, making condos the primary option for South Korea citizen property buyers.[1]
Homejourney prioritizes your safety by verifying listings and providing transparent data. Key insight: Focus on freehold condos in Core Central Region (CCR) for long-term value, where prices averaged S$2,200 psf in Q4 2025. This guide equips you with actionable steps, insider tips, and tools to make informed decisions.
Eligibility and Property Types for Korean Citizens
Korean buyers Singapore face the same rules as other foreigners under the Residential Property Act. You can freely purchase non-landed private residential properties like condominiums and apartments.[1][2]
Properties Koreans Can Buy
| Property Type | Eligibility for Koreans | Approval Needed? | Notes |
|---|---|---|---|
| Private Condominiums/Apartments | Allowed | No | Freely purchasable; most popular for foreigners.[1] |
| Strata-Landed Houses | Allowed | If in approved condo project | Part of developments like those in Sentosa Cove.[3] |
| Landed Properties (e.g., Bungalows) | Restricted | SLA Approval Required | High threshold; typically S$50M+ for approval.[7] |
| Landed in Sentosa Cove | Allowed with Approval | SLA Approval | Exception for foreigners.[1] |
| HDB Flats | Not Allowed | N/A | Public housing reserved for citizens/PRs.[1][2] |
| Executive Condominiums (ECs >10 years old) | Allowed | No | Treated as private after MOP.[3] |
Insider tip: As a Korean investor, prioritize 99-year leasehold condos in OCR for value; freeholds in Sentosa suit luxury seekers. Homejourney's Projects directory verifies eligible projects.
PR status changes rules—Koreans with 5+ years PR and economic contributions may get landed approval, but must hold 5 years minimum.[1]
Stamp Duties and Taxes (ABSD 2026 Rates)
All Korea Singapore property purchases incur Buyer's Stamp Duty (BSD) on market value/consideration, plus Additional Buyer's Stamp Duty (ABSD) for foreigners at 60% for first property (no remission).[1] Use Homejourney's ABSD Stamp Duty Calculator & Guide 2026 | Homejourney for calculations.
BSD and ABSD Table (2026 Rates)
| Portion of Value | BSD Rate | ABSD for Koreans (First Property) |
|---|---|---|
| First S$180,000 | 1% | 60% |
| Next S$180,000 | 2% | 60% |
| Next S$640,000 | 3% | 60% |
| Next S$500,000 | 4% | 60% |
| Next S$1.5M | 5% | 60% |
| Above S$3M | 6% | 60% |
Example: S$2M condo = BSD ~S$79,600 + ABSD S$1.2M = Total ~S$1.28M duties. Seller pays no ABSD. Check Straits Times Housing News for updates.
Disclaimer: Rates per URA/MOF 2026; consult lawyer for personalized advice. Homejourney verifies compliance.
Financing for Korean Buyers
Foreigners get 70% Loan-to-Value (LTV) max, down from 75% pre-2024; Total Debt Servicing Ratio (TDSR) at 55%.[1] Korean banks may not lend cross-border; use Singapore banks via Bank Rates for IPAs.
- IPA First: Secure before OTP; valid 6 months.[1]
- Documents: Passport, income proof (KRW tax returns translated), bank statements.
- Rates: ~3.5-4.5% fixed (2026); compare on Homejourney.
Read more in Financing Options for Foreign Buyers in Singapore 2026 . Insider: Koreans from Seoul often qualify higher with Samsung/LG employment proof.
Step-by-Step Buying Process
Timeline: 8-12 weeks from OTP to completion. Homejourney's Property Search lists verified options.
- Budget & IPA: Calculate with ABSD; get 2-3 IPAs.[1]
- Search Properties: Use Homejourney Property Search ; focus agent-verified condos.
- OTP: Pay 1% fee (S$20K on S$2M); 14-21 days exclusivity.[1]
- Exercise Option: Pay 4% balance; sign S&P Agreement.
- Lawyer & Financing: Conveyancer handles caveats, CPF (N/A for foreigners), stamps.
- Completion: Pay 95%; take keys. 5-year hold if landed approved.[1]
Tip: Visit via MRT (e.g., Orchard Exit A, 5-min walk to condos). See Step-by-Step Property Buying Process for Foreigners | Homejourney .
Singapore Property Market for Korean Investors
2026 market: Prices up 5% YoY; Korean investors favor CCR (e.g., S$3,000 psf).[1] Rental yields 3-4% in RCR; stable due to supply controls. Data from URA shows 15% foreign transactions Q1 2026.
Original insight: Koreans excel in tech districts like One-North; yields beat Seoul's 2%.[7] Homejourney analyzes via Projects Directory .
Best Districts for Korean Buyers
- CCR (D9-10): Orchard/Tanglin; luxury, S$2,800 psf. Korean schools nearby.
- SCR (D15): Sentosa; landed possible, family-friendly.
- RCR (D4-8): Novena; value, MRT access (5-min to Korean groceries).
Pro tip: Korean community in Tanjong Pagar; 10-min walk from Maxwell MRT to hMart.
Types foreigners can buy: Types of Properties Foreigners Can Buy in Singapore | Homejourney .
Common Mistakes and Red Flags
- Mistake: Ignoring ABSD—budget 60% extra.[1]
- Red Flag: No IPA before OTP; deals collapse.
- Mistake: Unverified agents; use Homejourney-vetted.
- Tip: Avoid sub-6 storey walk-ups without approval myth—condos ok.[6]
Homejourney flags risks via user feedback-driven verification.
Full Costs Breakdown
For S$2M condo:
- ABSD/BSD: S$1.28M
- Legal Fees: S$5K
- Agent: 2% paid by seller
- OTP: S$20K (refundable if fails)
- Total Upfront: ~65% cash.
Post-purchase: Maintenance S$500/mth; aircon servicing via Aircon Services .
FAQ
Can Korean citizens buy HDB flats?
No, only resale for PRs under family nucleus.[1]
What is ABSD for Korean buyer Singapore?
60% on first private property.[1]
How long to buy property as Korean investor?
8-12 weeks.[1]
Can Koreans get mortgages in Singapore?
Yes, up to 70% LTV from local banks.[1]
Best areas for South Korea citizen property?
Orchard, Sentosa for luxury.[3]
Do I need a lawyer?
Yes, mandatory for foreigners.[1]
Next Steps with Homejourney
1. Use Property Search for verified listings.
2. Calculate costs via Bank Rates and ABSD tools.
3. Contact Homejourney for personalized safety-checked journeys.
Homejourney builds trust through transparency, verification, and feedback—your safe path to Korean buyer Singapore success.
