This paper examines how South Korean land and housing legislations can be applied in order to resolve several issues associated with the distribution of real estate asset to North Korean residents after unification. It points out that distribution of agricultural land and housing to North Korean residents based on their rights to use or occupy is important in two aspects; to lessen the gap of real estate asset between South and North Korean residents and to reduce the possibility of North Korean residents’ migration to South Korea. In oder to achieve these goals, it suggests that disposal of the distributed land and housing by North Korean residents be restricted by imposing various transaction regulations which have long been utilized in South Korea in an effort to control investment and speculative demand. It further proposes that the inequality issue involved in the distribution of land and housing of different market values be resolved in the process of allocating new housing which will be supplied through massive urban development in North Korea after unification. For this purpose the major instrument of South Korea is the housing allocation rules which can be varied by different policy objectives.