Hosting in Seoul, South Korea

[Danea0]

Hello,

i am thinking about becoming a host in Seoul, South Korea.  After doing some research, i have found that something like 70% of all listing on Airbnb are in fact illegal~ This is due to that fact that you can't rent studios without having some form of ownership (huge security deposit). My original thinking was to contact a realtor and have them do all the proper legal paperwork, enter a lease on a studio or one bedroom, and then bnb it.  This is apparently illegal to do. 

The legal option is asking the landlord if they are "ok" with you renting out the place as a bnb. I think most of them fear the bnb will upset their regular tenants with nose and constant change overs.

I do have a friend Korean in Seoul who is doing the footwork over there (calling realtors, and researching in native Korean) and I am awaiting more info.  

Does anyone have any experience, insights, experience with this?

[Linda108]

This is a response not specific to Korea, @Danea0, but one reason the landlord might not allow short term rentals or subletting is that their insurance is not valid under these conditions.  Just something to think about

[Danea0]

Interesting, but what about Airbnb's $1 million insurence?  

[Monica4]

@Danea0That one million insurance is hardly enough. I carry two million myself, through my insurance company. My rules are that:

1. The Airbnb business must be approved by the municipality and a certificate must be issued by them.

2. My insurance must cover "tourist homes", and there is an extra premium for this along with the liability insurance premium. Vandalism cannot be insured.

3. The Airbnb business has to be registered with a tourist organization who will inspect the listing at least once every two years.

4. A "tourist tax" must be paid.

5. Income derived from the business must be delared as income for tax purposes.

6. If I am not the owner of the building I must proove that the landlord permits short term accommodation (stays less than 30 days).

In spite of all this, there are many illegal Airbnb businesses in my area. The government is slowly shutting them down. When caught, they can face a huge fine...up to $6,000.

[Harry-Haetahk0]

hi. danea, 
it is true "officetels" are illegal property to do airbnb. i know many hosts got busted by police and had to pay a huge fine and shut down the place. 
I have a building with 11 studios(these are not officetels). you can rent the whole place or one floor( each floor has 4 units of studios) and do airbnb legally. 

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[Benjamin321]

Hi Harry, 

Did you obtain any special permission from the local office? I have a subletting business here in Korea, which I mostly rent out to foreign students during the spring and fall semesters, however, I'm considering using Airbnb for summer and winter vacations. I find it very hard to find out useful information on this topic and other issues. Could you share your source? 

Thanks, 

Ben

[Marco2916]

I I'm looking to start airbnb business in Seoul can you explain the difference between studios and officetel, I'm looking for a place to buy and I want to make sure that meets all the requirements 😉

Thanks