Real Estate in Gyeongju, Korea
Last updated on Sep 06, 2024
Summary: People living in Gyeongju, Korea offer advice about real estate. How do you find a home in Gyeongju? Should you buy or rent? What is the cost of housing?
How do I find a place to live in Gyeongju?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"Finding a place to live in Gyeongju involves several steps. First, you need to determine your budget and the type of accommodation you're looking for. This could range from a small studio apartment to a larger family home. Next, you should research different neighborhoods in Gyeongju to find an area that suits your lifestyle and needs. Consider factors such as proximity to work or school, access to public transportation, and the availability of amenities such as shops, restaurants, and parks. Once you have a clear idea of what you're looking for, you can start your search. There are several online platforms where you can find listings for rental properties in Gyeongju, such as Zigbang, Naver Real Estate, and Craigslist Seoul. These websites allow you to filter listings based on your criteria and view photos and details of the properties. Another option is to work with a real estate agent. An agent can help you navigate the local rental market, arrange viewings, and negotiate with landlords. You can find real estate agencies in Gyeongju through an online search or by asking for recommendations from locals or expat communities. Once you've found a property you're interested in, you'll need to arrange a viewing. This is an important step to check the condition of the property and ask any questions you may have. If you decide to proceed with a rental, you'll need to negotiate the terms of the lease and pay a deposit. In Korea, it's common to pay a large deposit (known as "key money") and lower monthly rent. Finally, before moving in, you should ensure that all utilities are set up and that you understand how to pay your bills. You may also need to arrange for internet and TV services if they're not included in your rent. Remember, finding a place to live can take time, so it's a good idea to start your search well in advance of your move to Gyeongju," remarked one member in Gyeongju.
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What is a typical expat home or apartment like in Gyeongju?
"A typical expat home or apartment in Gyeongju, is usually a modern, high-rise apartment building located in the city center. These apartments are often fully furnished with contemporary furniture and appliances, including a refrigerator, washing machine, and air conditioning. The living room is usually spacious with a dining area, and the kitchen is typically equipped with a stove and ample storage space. Bedrooms are often carpeted and come with built-in wardrobes. Most apartments have large windows that allow plenty of natural light and offer stunning views of the city or nearby mountains. Some apartments may also have a small balcony. The bathrooms are usually tiled and come with a shower and a modern toilet. In terms of amenities, many apartment buildings in Gyeongju offer facilities such as a gym, a communal garden, and sometimes even a swimming pool. Security is typically high, with key card access and 24-hour security guards. The location of these apartments is also a key feature, with many being close to public transportation, supermarkets, restaurants, and schools. Despite being in the city center, the neighborhoods are usually quiet and safe. While the style and size of the apartments can vary, the overall standard of living for expats in Gyeongju is generally high. The city offers a blend of modern conveniences and rich cultural experiences, making it an attractive place for foreigners to live," said one person in Gyeongju.
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 Gyeongju?
If you are thinking about moving to Gyeongju, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The average cost of housing in Gyeongju can vary greatly depending on the type and location of the property. For instance, a one-bedroom apartment in the city center may cost around $400 per month, while the same type of apartment outside the city center may cost around $300 per month. If you're looking to buy property, the average price per square meter in the city center can be around $3,000, while outside the city center it can be around $1,500. However, these prices can fluctuate based on market conditions and other factors," said one person in Gyeongju.
Should I buy or rent a home in Gyeongju?
If you have not spent a lot of time in Gyeongju, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"The decision to buy or rent a home in Gyeongju, largely depends on your personal circumstances, financial situation, and long-term plans. If you plan to stay in Gyeongju for a long period, buying a home could be a good investment. Owning a property allows you to build equity over time and could potentially provide a return on investment if property values increase. On the other hand, renting might be a better option if you're not planning to stay in Gyeongju for a long time. Renting offers more flexibility, as you can move without the hassle of selling a property. It also doesn't require a large upfront cost like a down payment, and the landlord is typically responsible for maintenance and repairs. Consider the cost of living, the real estate market, and your lifestyle preferences when making your decision. It's also advisable to consult with a real estate professional or financial advisor to help guide your decision," said one expat who made the move to Gyeongju.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat 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.