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The average price per square meter for residential property in Jeju Island is approximately 5 million KRW (about $3,600) as of September 2025. This puts Jeju Island in the mid-range of premium Asian island destinations, significantly lower than Seoul but higher than other regional alternatives like Bali or Phuket.
Property prices vary considerably across the island, with urban center apartments in prime areas like Seogwipo and Jungmun reaching up to 14 million KRW per pyeong, while emerging coastal towns like Aewol and Hallim offer more affordable entry points. The market has stabilized after government cooling measures, showing modest growth with urban and coastal areas experiencing 3-7% increases over the past two years.
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The Jeju Island property market in 2025 shows stable, moderate growth with prime urban areas commanding premium prices while emerging coastal districts offer excellent value.
Smart buyers are focusing on Jeju City for lifestyle, Seogwipo for investment, and Aewol/Hallim for growth potential, with total transaction costs adding 5-12% to purchase prices.
| Property Type | Prime Areas (Seogwipo, Jungmun) | Emerging Areas (Aewol, Hallim) | Rural Areas (Namwon, Jocheon) |
|---|---|---|---|
| Modern Apartments | $390,000-$550,000 | $250,000-$400,000 | $180,000-$300,000 |
| Luxury Villas | $1,000,000-$2,000,000+ | $700,000-$1,200,000 | $500,000-$800,000 |
| Hanok Homes | $800,000-$1,500,000 | $600,000-$1,000,000 | $400,000-$700,000 |
| Land (per m²) | $1,000-$2,000 | $700-$1,200 | $400-$800 |
What's the current average price per square meter in Jeju Island?
The average price per square meter for residential property in Jeju Island is approximately 5 million KRW, which equals about $3,600 as of September 2025.
Urban center apartments command significantly higher prices, reaching up to 14 million KRW per pyeong (3.3 square meters) in prime locations. Outside the city center, prices average around 836,000 KRW per square foot, making suburban and rural areas much more affordable for budget-conscious buyers.
Prime waterfront locations in Seogwipo and Jungmun districts see the highest price points, while emerging coastal areas like Aewol and Hallim offer better value at lower price per square meter rates. Rural and inland areas provide the most affordable entry points into the Jeju Island property market.
How do prices differ by property type, like apartments, villas, and land?
Property prices in Jeju Island vary dramatically depending on type, location, and quality, with luxury villas commanding the highest premiums.
| Property Type | Prime Areas Price Range | Emerging Areas Price Range | Rural Areas Price Range |
|---|---|---|---|
| Modern Apartments | $390,000 - $550,000 | $250,000 - $400,000 | $180,000 - $300,000 |
| Luxury Villas | $1,000,000 - $2,000,000+ | $700,000 - $1,200,000 | $500,000 - $800,000 |
| Traditional Hanok Homes | $800,000 - $1,500,000 | $600,000 - $1,000,000 | $400,000 - $700,000 |
| Residential Land (per m²) | $1,000 - $2,000 | $700 - $1,200 | $400 - $800 |
| Townhouses | $600,000 - $900,000 | $450,000 - $650,000 | $280,000 - $450,000 |
Modern apartments represent the most liquid segment of the market, while traditional Hanok homes appeal to buyers seeking cultural authenticity and unique architectural features. Land purchases offer the greatest flexibility for custom development but require additional construction costs and regulatory approvals.
Which areas of Jeju are the most expensive, which ones are more budget-friendly, and which are considered upcoming hotspots?
Jeju Island's property market shows clear geographic price stratification, with coastal and urban areas commanding premium prices while rural inland regions remain affordable.
The most expensive areas include Seogwipo, Jungmun-dong, Jeju City Center, and Nohyeong-dong, where proximity to amenities, beaches, and tourism infrastructure drives high demand. These prime districts attract both luxury residential buyers and investment property purchasers seeking rental income opportunities.
Budget-friendly options are concentrated in rural and inland areas like Namwon and Jocheon, where larger properties offer excellent value for money but with limited access to urban amenities and infrastructure. These areas suit buyers prioritizing space and tranquility over convenience and connectivity.
The emerging hotspots are Aewol and Hallim, coastal towns experiencing infrastructure improvements and eco-friendly developments that are attracting young professionals and remote workers. Proximity to the planned second airport has boosted land prices by over 40% in select locations within these districts.
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How have prices changed over the last 5 years and in just the past year?
Jeju Island property prices experienced significant volatility over the past five years, with dramatic surges from 2017-2023 followed by government cooling measures that stabilized the market.
In the past year, prices rose modestly with apartments showing 0.21% weekly increases and total transaction volume up 6% for residential properties and 9% specifically for apartments. This represents a much calmer growth pattern compared to the previous boom period.
The five-year trend shows Jeju initially lagged behind Seoul's property boom but caught up significantly, with 2021 seeing apartment prices increase 12.2% year-to-date after several years of underperformance. From 2023-2025, the market stabilized with urban and coastal areas growing 3-7% while rural areas remained flat or declined slightly.
Government intervention through cooling measures effectively moderated the rapid price increases, creating a more sustainable growth trajectory that benefits both buyers and long-term market stability. This stabilization phase has made Jeju Island property more accessible to a broader range of buyers.
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What are the forecasts for price trends in the next 1 year, 5 years, and 10 years?
Jeju Island property price forecasts indicate continued moderate growth with distinct performance differences between urban, coastal, and rural areas over the coming decade.
For the next year, modest price increases of 2-5% are expected, particularly concentrated in urban and coastal areas where tourism demand and infrastructure development continue to drive market fundamentals. Premium properties in established districts are likely to outperform the broader market average.
The five-year outlook shows moderate increases expected across most property types, with emerging hotspots like Aewol and Hallim potentially outperforming due to infrastructure investments and growing popularity among younger demographics. Tourism recovery and increasing remote worker migration support sustained demand in coastal areas.
Over the next decade, urban and coastal properties demonstrate the strongest resilience, while rural and stagnant areas may experience price declines due to demographic headwinds and continued urbanization trends. The aging population in rural areas and lack of economic opportunities could negatively impact property values in these locations.
Tourism growth, retiree migration, and remote worker demand are likely to support property values in prime areas, making them safer long-term investments compared to rural alternatives.
How do prices in Jeju compare with similar big cities or island destinations?
Jeju Island's average price per square meter of $3,600 positions it competitively within the Asian premium island destination market, offering better value than major metropolitan areas while commanding premiums over emerging markets.
Compared to Seoul, Jeju Island property remains significantly more affordable, with Seoul averaging $10,000-$19,000 per square meter—nearly three times higher than Jeju's current pricing. This price differential makes Jeju attractive for Seoul residents seeking vacation homes or retirement properties.
Against other Asian island destinations, Jeju commands higher prices than Bali and Phuket but remains more affordable than Japanese destinations like Okinawa or Hakone. This positioning reflects Jeju's developed infrastructure, proximity to major Asian cities, and strong tourism fundamentals.
The comparison highlights Jeju Island's sweet spot as a mid-range premium destination that offers modern amenities and accessibility without the extreme price premiums of top-tier Asian real estate markets. This positioning attracts both domestic Korean buyers and international investors seeking value in a stable, developed market.
What's the typical surface size people buy, and how does price per sqm vary with property size?
Typical property purchases in Jeju Island vary significantly by buyer profile and location, with clear patterns emerging across different market segments.
Entry-level purchases typically involve urban apartments of 40-60 square meters costing $180,000-$250,000, or rural houses and land of 70-100 square meters for similar budgets. These smaller urban apartments appeal to young professionals and first-time buyers seeking city convenience.
Mid-range buyers typically purchase 80-120 square meter apartments or villas priced between $400,000-$600,000, representing the market's sweet spot for families and established professionals seeking comfortable living spaces with good amenities access.
Luxury purchases involve properties of 150-300+ square meters commanding $1 million or more in prime areas, attracting high-net-worth individuals seeking prestigious addresses, vacation homes, or investment properties with strong rental potential.
Larger properties in rural areas offer significantly better value per square meter compared to urban locations, while premium and urban properties command much higher prices per square meter due to location premiums and infrastructure access.
What's the average total purchase price including notary fees, taxes, and other transaction costs?
Total property purchase costs in Jeju Island extend well beyond the property price, with various taxes and fees adding 5-12% to the overall transaction cost.
| Cost Component | Rate | Typical Amount |
|---|---|---|
| Acquisition Tax | 2-4% of property value | $7,200-$14,400 on $360,000 property |
| Registration Tax | 1-3% of property value | $3,600-$10,800 on $360,000 property |
| Legal Fees | 0.5-1% of property value | $1,800-$3,600 on $360,000 property |
| Agency Commission | 0.7-2% of property value | $2,520-$7,200 on $360,000 property |
| VAT (new/small properties) | 10% on properties <85sqm | $36,000 on qualifying properties |
| Stamp Duty | 0.2% of property value | $720 on $360,000 property |
| Notary/Translation/Miscellaneous | Fixed fees | $500-$3,000 depending on complexity |
VAT at 10% applies specifically to new properties or apartments smaller than 85 square meters, significantly impacting total costs for these property types. Buyers should budget carefully for this substantial additional expense when considering new developments or compact urban apartments.
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What are the mortgage options available, and what do they usually cost in terms of rates and conditions?
Jeju Island property buyers can access several mortgage products designed for different buyer profiles and property types, with competitive rates reflecting South Korea's stable financial system.
Main mortgage options include Bogeumjari Loan (fixed rate), u-Bogeumjari, and Prime Rate Bogeumjari Loan, offering different terms and qualification requirements. These government-backed programs provide stability and competitive rates for qualified buyers.
Current fixed interest rates range from 3.65-4.05% depending on loan term and product selection, with available terms spanning 10-50 years. Income-based discounts may apply for lower annual income borrowers, making homeownership more accessible across different economic segments.
Foreign buyers must meet specific residency and visa conditions to qualify for local mortgage financing, with additional documentation and verification requirements. Properties in speculation districts face an additional 0.1% rate surcharge as part of government cooling measures.
These rates remain competitive compared to many international markets, making leveraged property investment attractive for qualified buyers who can secure favorable financing terms.
Can you give a few example purchase prices for different property types and locations?
Specific purchase examples across Jeju Island demonstrate the wide price variation based on location, property type, and size factors.
- Jeju City Center Apartment (50sqm): $220,000-$320,000 - ideal for urban professionals seeking convenience and connectivity
- Seogwipo Beach Villa (225sqm): $1,700,000 - premium waterfront property with luxury amenities and rental potential
- Jungmun-dong Hanok (125sqm): $1,000,000 - traditional architecture in prime tourist area with cultural significance
- Aewol Townhouse (90sqm): $450,000 - emerging coastal area with growth potential and modern amenities
- Hallim Rural House (80sqm): $280,000 - affordable coastal living with space and tranquility
- Prime Land (per sqm): $1,000-$2,000 - development opportunities in established areas
- Rural Land (per sqm): $400-$800 - budget-friendly options for custom development
These examples illustrate how location premiums significantly impact pricing, with waterfront and urban properties commanding multiples of rural alternatives. Property size, condition, and unique features like traditional architecture or luxury amenities also substantially affect final purchase prices.
What are the smartest buying strategies right now depending on whether you want to live there, rent out short-term, rent out long-term, or buy and resell later?
Smart buying strategies in Jeju Island vary significantly based on intended use, with different locations and property types optimized for specific investment goals.
For permanent residence, prioritize urban centers like Jeju City and Seogwipo or eco-coastal towns like Aewol and Hallim for superior amenities, walkability, and future growth potential. These areas provide the infrastructure and community features essential for comfortable daily living.
Short-term rental investments perform best with coastal villas and unique properties near tourist hotspots, capitalizing on Jeju's strong tourism industry and high rental yields. Properties with distinctive features like traditional architecture or premium amenities command higher nightly rates.
Long-term rental strategies should focus on apartments in city centers with proximity to business districts, hospitals, and universities where consistent tenant demand ensures stable rental income. Modern amenities and transportation access are crucial for attracting quality long-term tenants.
Buy-to-resell strategies should target emerging districts like Aewol and Hallim, or land near infrastructure projects such as the second airport development. These areas offer the highest capital appreciation potential as development and gentrification progress.
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Given today's market, what are the best options overall for someone looking at Jeju real estate?
The current Jeju Island real estate market offers distinct advantages for different buyer profiles, with clear winners emerging across various investment strategies.
For residential lifestyle buyers, modern apartments in Jeju City or townhouses in Hallim and Aewol represent the optimal balance of convenience, community, and future appreciation potential. These locations provide modern amenities while maintaining Jeju's unique island character.
Investment-focused buyers seeking rental yields should prioritize beach villas and short-term rental properties in Seogwipo and Jungmun districts, where tourism demand generates strong cash flows and the potential for capital appreciation. These areas benefit from established tourism infrastructure and consistent visitor traffic.
Value-oriented buyers with growth expectations should focus on emerging districts like Hallim and Aewol, which are experiencing gentrification, infrastructure upgrades, and increasing popularity while remaining relatively affordable. These areas offer the best risk-adjusted returns for patient investors.
Buyers should avoid remote rural areas experiencing declining demand and older inland properties without renovation potential. These locations face demographic headwinds and limited appreciation prospects in the current market environment.
Success requires matching personal goals with market trends: investors should prioritize locations with tourism growth and upcoming amenities, while lifestyle buyers should consider connectivity, community features, and healthcare access for long-term satisfaction.
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Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Jeju Island's property market in 2025 presents compelling opportunities for informed buyers across multiple investment strategies and lifestyle goals.
With stable growth, competitive pricing compared to regional alternatives, and clear geographic value propositions, the island offers excellent potential for both residential enjoyment and investment returns when approached strategically.
Sources
- Jeju Island Price Forecasts - BambooRoutes
- House Prices Jeju Island - BambooRoutes
- Korea JoongAng Daily Apartment Jeju
- Jeju Island Property - BambooRoutes
- South Korea Real Estate Market Outlook - BambooRoutes
- South Korea Housing Market Forecast - BambooRoutes
- Jeju Island Real Estate Forecasts - BambooRoutes
- South Korea Real Estate Guide - InvestAsian
- Foreigners Buy Property Jeju Island - BambooRoutes
- Korea Housing Finance Corporation