Property Law in Korea
Land acquisition by foreigners in Korea is governed by the Foreign Investment Promotion Act, the Foreigner's Land Acquisition Act, and the Foreign Exchange Transactions Act. When a foreigner plans to acquire land in Korea, he/she must follow certain procedures and report purchases to appropriate authorities. In some cases, a real estate purchase requires the purchaser to obtain permission in advance. Areas subject to permission and those subject to reporting have different acquisition procedures, so it is advised to pay a careful attention. Regulations and limitations on the acquisition, usage, and development of land are applied uniformly to Koreans and foreign nationals alike.
(quoted from Investkorea.org)