AFER HANGANG, 4-18 Seobinggo-dong, Yongsan-gu, Seoul

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Aper Hangang

Aper Hangang is a luxury terrace house built on a land area of 2,953㎡, consisting of one building with 26 units, rising up to 10 stories high.

Basement Level 1: Designed as a community space for residents.

Basement Levels 2-5: Ample parking space, accommodating up to 4 vehicles per unit.

Professor Hyun-Jun Yoo has integrated the "layered home" trend, which has emerged prominently due to the pandemic, into the residential spaces.

Each unit is equipped with terraces to enjoy leisure activities from the comfort of home. Residents can enjoy panoramic views of the Han river, making the property particularly appealing to affluent buyers. The layout connects the living room directly to the terrace, allowing a seamless flow between the indoor space and the river view.

The expansive terraces can be utilized in various ways, such as for a glamping zone, garden, or hobby area. Additionally, the complex offers private community and convenience services exclusively for residents.

Residents can enjoy hotel-like concierge services, along with cleaning and limousine services, for one year as part of the move-in benefits. The amenities include a lounge known as the Afer Society, a fitness center, a screen golf facility, and a group exercise (GX) room.

A video of one of the units in the Afer Hang(Low floor) : https://www.youtube.com/watch?v=O-iBedweAZQ

Korea's Real Estate Taxes

Purchase and Sale Taxes:

Acquisition Tax (취득세): This tax is paid when acquiring real estate in South Korea. The rate varies depending on the property value and the status of the buyer (individual or corporation). Typically, it ranges from 1% to 4% of the assessed value of the property.

Acquisition taxes differ for foreigners in South Korea depending on whether they purchase property through a corporation or as an individual:

 - Individual Purchase:

When a foreigner purchases real estate in South Korea as an individual:

Acquisition Tax (취득세) is applied based on the assessed value of the property. The rate typically ranges from 1% to 4%, depending on the property value.

The individual's residency status and whether they are a foreign national or a resident could influence certain tax benefits or rates applicable to the acquisition.

 - Corporate Purchase:

When a foreigner establishes a corporation (법인) to acquire real estate in South Korea:

Acquisition Tax (취득세) is also calculated based on the property's assessed value. However, the rate may differ from individual purchases.

Corporations, including those owned by foreigners, might be subject to specific regulations regarding ownership and tax liabilities. The tax rate for acquisition might vary depending on the corporate structure and the purpose of the property acquisition.

Registration Tax (등록세): This tax is levied when registering the property ownership transfer. It is also calculated based on the property's assessed value and generally ranges from 1% to 4%.

Ongoing Ownership Taxes:

Property Tax (재산세): This is an annual tax based on the assessed value of the property. The rate can vary depending on the municipality, but it typically ranges from 0.1% to 4%.

Comprehensive Real Estate Tax (종합부동산세): Also known as the "residential property tax," this is an additional tax on real estate holdings. It consists of both the fixed portion and the additional portion, which is based on the property value.

Income Tax Implications:

Capital Gains Tax (양도소득세): When selling real estate, a capital gains tax is applied to the profit made from the sale. For individuals, the tax rate ranges from 6% to 45%, depending on the amount of gain and the holding period.

Rental Income Tax (임대소득세): If you earn rental income from the property, it is subject to income tax. The tax rate varies depending on your total income and can range from 6% to 42%.

In both cases, whether purchased individually or through a corporation, foreign nationals need to comply with South Korean tax laws and regulations. It's advisable for foreigners to seek guidance from legal and tax professionals who specialize in South Korean real estate transactions to navigate these complexities effectively.

These taxes can vary based on specific circumstances and regulations that may be updated periodically, so it's important to consult with a tax professional or legal advisor for the most accurate and up-to-date information tailored to your situation.