Seoul City plans to expand the number of registered realtors for foreigners, dubbed “Global Real Estate Agency,” by 22 to 160 in order to help expatriates improve their living conditions.
Global Real Estate Agencies employ experienced realtors who are proficient in foreign languages, and are designated by the city to allow foreign residents to visit and entrust their realty transactions, including housing rental contracts, to them. The project for designating Global Real Estate Agencies has been implemented by the city since December 2008 to create a comfortable living environment for foreigners and to meet demand in the globalized era.
The number of expatriate realty transactions conducted through Global Real Estate Agencies amounted to 268 cases last year. Yongsan-gu came top with 217 (80.9 percent) cases, followed by Gangnam-gu with 22 (8.2 percent), Seongbuk-gu with 11 (4.1 percent), and other districts with 18 (6.7 percent), suggesting that such realty transactions are most active in areas with large foreign communities.
Seoul City provides Global Real Estate Agencies with real estate documents, including realty transaction contract forms, housing rental forms, and tables of realty brokerage fees translated into three languages, namely English, Japanese and Chinese. It has also published and circulated “Real estate rental guide” booklets and Global Real Estate Agency emblems to ensure that foreign residents can conveniently use the agencies.