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Jeju Island's property market offers diverse investment opportunities with average prices ranging from $180,000 to over $2 million depending on location and property type.
As of September 2025, the market shows steady growth with apartments averaging $3,600-$6,700 per square meter, while luxury coastal villas command premium prices in areas like Seogwipo and Jungmun-dong. Understanding these price variations across different property types and locations is essential for making informed investment decisions on this popular Korean island.
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Property prices in Jeju Island vary significantly by type and location, with apartments ranging from $180,000 in rural areas to $550,000 in prime coastal zones.
The market has shown steady growth over the past year, with emerging areas like Aewol and Hallim offering the best investment potential for future appreciation.
| Property Type | Prime Areas (Seogwipo/Jungmun) | Emerging Areas (Aewol/Hallim) | Rural Areas (Namwon/Jocheon) |
|---|---|---|---|
| Apartments | $390,000-$550,000 | $250,000-$400,000 | $180,000-$300,000 |
| Luxury Villas | $1M-$2M+ | $700,000-$1,200,000 | $500,000-$800,000 |
| Hanok Homes | $800,000-$1.5M | $600,000-$1M | $400,000-$700,000 |
| Countryside Homes | $600,000-$1M | $400,000-$700,000 | $250,000-$500,000 |
| Land (per m²) | $1,000-$2,000 | $700-$1,200 | $400-$800 |
What are the different property types available in Jeju Island and how do their average prices compare?
Jeju Island offers five main property types with distinct price ranges and characteristics.
Modern apartments are the most common option, typically found in urban centers like Jeju City and Seogwipo. These properties range from $180,000 in rural areas to $550,000 in prime coastal locations, making them accessible to various budget levels.
Luxury villas and beach houses represent the premium market segment, primarily located in coastal areas like Seogwipo and Jungmun-dong. These properties command prices from $500,000 in rural settings up to $2 million or more in prime beachfront locations.
Traditional Hanok homes offer cultural authenticity and are relatively rare on the island. Prices for these culturally significant properties range from $400,000 in rural areas to $1.5 million in prime locations, reflecting their unique heritage value.
Countryside houses and townhouses provide spacious living options in semi-rural or rural settings, with prices ranging from $250,000 to $1 million depending on location and size.
Land plots for custom builds or agricultural use show the steepest price variations, from $400 per square meter in rural areas to $2,000 per square meter in prime zones.
Which areas of Jeju Island are the most expensive, which ones are upcoming, and which ones are budget-friendly?
The most expensive areas on Jeju Island are Seogwipo, Jungmun-dong, and Jeju City Center, commanding premium prices due to their strategic locations and amenities.
Seogwipo and Jungmun-dong represent the luxury coastline segment, featuring top resorts, pristine beaches, and upscale dining establishments. These areas attract high-end buyers and consistently maintain the highest property values on the island.
Jeju City Center commands premium prices due to its urban infrastructure, business facilities, and appeal to digital nomads and professionals who need connectivity and modern amenities.
The upcoming areas showing strong growth potential are Aewol and Hallim, currently experiencing gentrification and tourism development. These coastal zones are benefiting from eco-projects and infrastructure improvements, making them attractive for investors seeking appreciation potential.
Budget-friendly options are found in Namwon and Jocheon, which are inland or rural areas offering larger spaces for lower prices. While these areas have fewer amenities, they provide excellent value for buyers prioritizing space over urban conveniences.
How have average property prices in Jeju Island changed compared to one year ago and five years ago?
Property prices in Jeju Island have shown modest growth over the past year, with apartments increasing approximately 0.2% weekly and overall transaction volume rising 6-9%.
Urban and coastal properties have experienced 3-7% overall growth during the past year, while rural properties have seen slight declines due to decreased demand for remote locations.
The five-year trend reveals a more dramatic transformation, with significant price surges occurring between 2021-2023, particularly following the COVID-19 pandemic. During this period, Jeju transformed from lagging behind Seoul to becoming a sought-after investment destination.
Prior to 2021, Jeju properties were undervalued compared to Seoul's market, but the pandemic-driven demand for vacation homes and remote work locations sparked substantial appreciation in mid-to-upper tier properties.
As of September 2025, the market has stabilized after the rapid growth period, with current price levels representing a new baseline that reflects Jeju's enhanced status as a premium destination.
What are the current forecasts for property prices in Jeju over the next one, five, and ten years?
Property prices in Jeju Island are forecasted to rise moderately over the next 1-2 years, with urban and coastal zones expected to lead the growth.
Seogwipo, Jeju City, and southwestern coastal areas are projected to experience the strongest appreciation through 2026, supported by continued tourism growth and infrastructure development.
The 5-10 year outlook predicts continued steady appreciation in areas where infrastructure and tourism expand, with particular focus on sustainable and eco-certified developments that align with global environmental trends.
Coastal vacation zones are expected to maintain strong demand due to their appeal to both domestic and international buyers seeking second homes and investment properties.
Speculative bubbles are considered unlikely in the Jeju market, with experts predicting stable, investment-driven growth in sought-after districts rather than dramatic price swings. This stability makes Jeju an attractive option for long-term investors seeking predictable returns.
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How do Jeju's property prices compare with other big and similar cities in South Korea or Asia?
Jeju Island offers more affordable property prices compared to Seoul, with significant cost advantages for buyers seeking quality real estate.
Seoul's average property prices reach ₩13.4 million per square meter, while Jeju ranges from ₩5-8 million per square meter, making Jeju approximately 40-60% less expensive than the capital city.
Compared to other provincial Korean cities, Jeju commands premium prices due to its unique island location, tourism appeal, and international recognition as a vacation destination.
Within the broader Asian coastal and resort market context, Jeju remains more affordable than top-tier destinations like Hong Kong, Singapore's Sentosa, or Guam, while offering comparable lifestyle and investment potential.
Jeju's pricing positions it competitively with mid-tier Asian resort markets, providing excellent value for buyers seeking island living without the premium costs associated with more established international destinations.
What is the average cost per square meter for different property types and areas in Jeju Island?
The average cost per square meter in Jeju Island ranges from $3,600 to $6,700, with premium coastal and urban locations commanding higher prices.
| Area Type | Price per m² (USD) | Characteristics |
|---|---|---|
| Prime Coastal (Seogwipo) | $5,500-$6,700 | Luxury beachfront, resort amenities |
| Urban Center (Jeju City) | $4,800-$6,200 | Business district, modern infrastructure |
| Emerging Coastal (Aewol/Hallim) | $4,000-$5,500 | Growing tourism, development projects |
| Suburban Areas | $3,600-$4,800 | Residential neighborhoods, good access |
| Rural Inland | $2,800-$4,000 | Spacious lots, countryside setting |
Land prices show even greater variation, ranging from $400 per square meter in rural areas to $2,000 per square meter in prime coastal zones, reflecting the significant premium placed on location and development potential.
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What is the typical total purchase price for a property in Jeju, including fees, taxes, and other costs?
The total purchase cost for a property in Jeju Island includes the base price plus additional fees and taxes ranging from 4-8% of the property value.
Additional costs include acquisition taxes, legal and registration fees, brokerage commissions up to 0.9-1.5%, and VAT for new construction properties. These costs vary based on property value and the buyer's nationality.
For a typical $400,000 apartment purchase, buyers should budget an additional $16,000-$32,000 for all associated fees and taxes, bringing the total investment to $416,000-$432,000.
Foreign buyers may face slightly higher costs due to additional documentation requirements and potential currency exchange fees, but the overall cost structure remains competitive compared to other international property markets.
These additional costs are generally lower than many other Asian property markets, making Jeju an attractive option for international investors seeking transparent and reasonable transaction expenses.
What are some example purchase prices for properties in Jeju right now?
Current property prices in Jeju Island as of August 2025 demonstrate the range of options available across different areas and property types.
A 98m² apartment in Jeju City is priced at ₩650 million ($540,000), representing the urban market segment with modern amenities and city convenience.
In Seogwipo, a new 126m² villa commands ₩570 million ($475,000), reflecting the premium coastal location and luxury features typical of this sought-after area.
Rural options like a 120m² home in Namwon are available for ₩350 million ($290,000), offering substantial space and value for buyers prioritizing cost-effectiveness over urban amenities.
Emerging areas show varied pricing, with a 67.9m² townhouse in Aewol priced at ₩398 million ($330,000) and a 137m² villa in Jocheon at ₩630 million ($515,000).
Land purchases in prime areas range from $1,000-$2,000 per square meter, providing opportunities for custom development projects or long-term investment strategies.
What are the mortgage options available for buying property in Jeju and what do the monthly costs look like?
Major Korean banks and local financial institutions offer mortgage financing to both Korean citizens and qualified foreigners, with specific requirements for international buyers.
Loan-to-value ratios typically range from 50-70%, meaning buyers need to provide 30-50% as a down payment. Interest rates in 2025 average between 3-6%, varying based on the borrower's profile and loan terms.
For a ₩500 million ($410,000) property with a ₩300 million ($250,000) 20-year mortgage at 4.5% interest, monthly payments would be approximately $1,580, making property ownership accessible for qualified buyers.
Foreign buyers must meet specific requirements including proof of income, foreign exchange deposits, residency or visa status, and property insurance coverage. These requirements ensure lenders can assess creditworthiness and mitigate risks.
Local banking relationships and working with experienced real estate professionals can help streamline the mortgage application process and ensure compliance with all regulatory requirements for international property purchases.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in South Korea versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
What are the best property choices if you want to live in Jeju full time?
Full-time residents in Jeju Island should prioritize properties in areas with established infrastructure, amenities, and year-round services.
Jeju City offers the best options for professionals, families, and digital nomads, with urban apartments providing modern amenities, reliable internet, educational facilities, and business infrastructure necessary for daily life.
Hallim and Aewol represent excellent emerging choices for full-time living, offering a blend of natural beauty, coastal access, and growing convenience infrastructure while maintaining a more relaxed island lifestyle.
Countryside properties in areas like Namwon and Jocheon are ideal for retirees and remote workers who value peace, space, and a non-urban lifestyle while accepting reduced access to city amenities.
1. **Proximity to healthcare facilities and schools**2. **Reliable high-speed internet connectivity**3. **Access to grocery stores and daily services**4. **Transportation links to other parts of the island**5. **Community infrastructure and social opportunities**What are the best options if you want to rent out your property short-term or long-term?
Rental property success in Jeju Island depends heavily on location, property type, and target market alignment with tourism patterns and local demand.
Seogwipo and Jungmun-dong offer the highest potential for luxury tourist and vacation rentals, attracting premium rates from international visitors seeking upscale accommodations near beaches and resorts.
Emerging coastal zones like Hallim and Aewol provide excellent opportunities for both high rental yields from tourism and strong appreciation potential as infrastructure develops and the areas gain popularity.
Urban Jeju City properties, particularly apartments and condos, generate consistent rental demand from both short-term visitors and long-term residents, including business travelers and digital nomads.
Premium beach villas command the highest short-term rental rates, especially during peak seasons when demand from wealthy tourists and groups seeking luxury accommodations reaches its peak.
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What are the smartest investment choices today if your goal is to buy in Jeju and resell later at a higher price?
The smartest investment strategy for capital appreciation in Jeju Island focuses on emerging areas with planned infrastructure development and growing tourism appeal.
Aewol, Hallim, and southwestern coastal areas offer the best appreciation potential due to new infrastructure projects, tourism expansion, and gentrification trends that are driving increased property values.
Luxury and resort segment properties in Seogwipo and Jungmun-dong provide stable high-end resale opportunities, appealing to wealthy domestic and international buyers seeking premium coastal lifestyle properties.
Eco-certified and vacation rental-ready properties align with increasing demand for sustainable tourism and experiential accommodations, positioning them well for future market trends.
1. **Properties near the planned second airport project**2. **Developments close to major resort and tourism projects**3. **Eco-friendly or sustainable certified buildings**4. **Properties in areas with improving transportation links**5. **Coastal properties with development potential**Proximity to large-scale infrastructure projects, particularly the planned second airport and major resort developments, offers the greatest potential for significant appreciation as these projects enhance accessibility and tourism capacity.
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 presents compelling opportunities for both lifestyle and investment purposes, with prices ranging from accessible rural properties to luxury coastal estates.
The market's stability, combined with ongoing infrastructure development and tourism growth, makes it an attractive destination for property buyers seeking both quality of life and potential returns.
It's something we develop in our South Korea property pack.
Sources
- BambooRoutes - House Price Jeju Island
- Expat Focus - Most Affordable Places to Buy Property in Asia 2024
- BambooRoutes - Jeju Island Price Forecasts
- BambooRoutes - Jeju Island Property
- Korea JoongAng Daily - Apartment Jeju
- BambooRoutes - Jeju Island Real Estate Forecasts
- Global Property Guide - South Korea Price History
- Jeju BI Property
- Jeju BI Property - For Sale
- BambooRoutes - Jeju Island Property Investment