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Yes, the analysis of Jeju Island's property market is included in our pack
Jeju Island offers a diverse range of property options from modern apartments to luxury coastal villas, with prices varying significantly by location and property type. As we reach mid-2025, the market has stabilized after years of rapid growth, making it an interesting time for both investors and those looking to relocate to this unique South Korean destination.
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Property prices in Jeju Island range from $180,000 for rural apartments to over $2 million for luxury coastal villas, with the average price per square meter around $3,600.
The most expensive areas are Seogwipo and Jungmun-dong, while emerging neighborhoods like Aewol and Hallim offer good investment potential at more moderate prices.
| 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 | $1,000,000–$2,000,000+ | $700,000–$1,200,000 | $500,000–$800,000 |
| Traditional Hanok | $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 types of houses are available in Jeju Island for purchase?
Jeju Island's residential market offers four main property categories that cater to different budgets and lifestyle preferences.
Modern apartments dominate the urban areas of Jeju City and Seogwipo, typically ranging from 40 to 120 square meters and appealing to professionals, families, and digital nomads seeking convenient city living.
Luxury villas and beach houses represent the premium segment, particularly along the coastline, where affluent domestic and international buyers invest in properties offering ocean views and high-end amenities. Traditional Hanok homes, though rare and expensive, attract buyers seeking cultural authenticity and unique architectural features.
Countryside homes and townhouses in semi-rural or rural areas provide more space at lower prices, making them popular with retirees and those prioritizing tranquility over urban convenience.
Land plots are available throughout the island for custom builds, with special appeal for investors interested in development projects or agricultural use.
Which areas of Jeju are the most expensive, most affordable, and most promising for future growth?
Seogwipo and Jungmun-dong represent Jeju Island's most expensive real estate markets due to their coastal luxury positioning and premium amenities.
These prime areas command the highest prices because they offer direct beach access, luxury resorts, top-tier restaurants, and stunning ocean views that attract both high-net-worth individuals and international investors.
Jeju City, while also expensive, provides urban convenience and has become a digital nomad hub with modern infrastructure and business facilities. For budget-conscious buyers, Namwon and Jocheon offer the most affordable options, located inland or in less developed areas where you get significantly more space for your money, though with fewer amenities and longer commutes to major attractions.
The most promising areas for future growth are Aewol and Hallim, experiencing gentrification with improved infrastructure, eco-friendly developments, and increasing tourism interest.
These emerging coastal towns offer a balance between accessibility and growth potential, making them attractive for medium-term property appreciation.
What are the current price ranges for different property types across Jeju's neighborhoods?
Property prices in Jeju Island vary dramatically based on location, with prime coastal areas commanding premium prices compared to rural inland locations.
| Property Type | Prime Areas (Seogwipo, Jungmun) | Semi-Urban (Aewol, Hallim) | Rural/Inland (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 |
| Traditional Hanok Homes | $800,000–$1,500,000 | $600,000–$1,000,000 | $400,000–$700,000 |
| Countryside Homes | $600,000–$1,000,000 | $400,000–$700,000 | $250,000–$500,000 |
| Land Plots (per m²) | $1,000–$2,000 | $700–$1,200 | $400–$800 |
How much space can you expect for your budget in different areas of Jeju Island?
The average price per square meter across Jeju Island is approximately 5 million KRW (about $3,600), though this varies significantly by location and property type.
With an entry-level budget of $180,000 to $250,000, you can expect 40-60 square meters (12-18 pyeong) for an apartment in urban areas, or 70-100 square meters (21-30 pyeong) for a house or land plot in rural locations.
A mid-range budget of $400,000 to $600,000 typically provides 80-120 square meters (24-36 pyeong) for an apartment or villa in urban areas, or 60-90 square meters (18-27 pyeong) with ocean views in coastal locations. For luxury buyers with budgets exceeding $1 million, you can secure 150-300 square meters (45-90 pyeong) in prime areas, often including luxury villas or large development plots.
Rural areas consistently offer more space per dollar, while coastal and urban properties command premium prices for their location benefits.
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What are the complete costs of buying property in Jeju Island beyond the purchase price?
Total property acquisition costs in Jeju Island extend well beyond the purchase price, typically adding 5-12% to your total investment.
| Cost Type | Percentage | Details |
|---|---|---|
| Acquisition Tax | 2-4% | Based on assessed property value |
| Registration Tax | 1-3% | Varies by region and property type |
| Legal Fees | 0.5-1% | Attorney and documentation costs |
| Agent Commission | 0.7-2% | Shared between buyer and seller |
| VAT | 10% | New properties or under 85m² |
| Stamp Duty | 0.2% | Document processing fee |
| Annual Property Tax | 0.15-0.5% | Higher rates for luxury villas |
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How have property prices changed in Jeju Island over recent years?
Jeju Island's real estate market experienced dramatic growth from 2019 to 2024, with property values rising more than twice the national average during the 2023-2024 surge.
The coastal and luxury segments led this appreciation, driven by increased domestic tourism, remote work trends, and government incentives for Jeju investment. From 2024 to 2025, the market has cooled significantly with prices stabilizing or slightly declining in rural and interior areas.
Urban and coastal areas continue to see moderate increases of 3-7% as of June 2025, supported by continued demand from digital nomads and lifestyle buyers. The luxury villa segment maintains strength due to limited supply and sustained interest from high-net-worth individuals.
Rural properties face headwinds from oversupply and reduced speculative interest, leading to price corrections in some areas.
What are the forecasts for Jeju Island real estate prices in the coming years?
Real estate price forecasts for Jeju Island show a cautiously optimistic outlook with significant variation by property type and location.
For 2025, expect stable to moderate growth of 3-7% in prime coastal and urban locations, while rural areas may experience flat or declining prices due to oversupply and reduced investor interest.
The 2026-2030 period projects urban and coastal properties achieving 2-5% compound annual growth rate (CAGR), with the luxury segment potentially exceeding 10% CAGR due to scarcity and international demand. Rural areas could stagnate or decline during this period as demographic trends favor urban concentration.
Long-term forecasts for 2030-2035 suggest modest growth of 1-3% annually in top-tier areas, while demographic headwinds may slow or reverse gains in less desirable rural locations.
These projections assume stable Korean economic conditions and continued government support for Jeju as a special administrative region.
How do Jeju Island property prices compare to similar Asian destinations?
Jeju Island's average price per square meter of approximately 5 million KRW ($3,600) ranks as the second highest in South Korea after Seoul, exceeding prices in Busan and most regional Korean cities.
Compared to other Asian island destinations, Jeju commands premium pricing relative to Indonesian islands like Bali or Thai destinations like Phuket, but remains less expensive than Japan's prime resort areas in Okinawa or Hakone.
Jeju's unique positioning comes from its visa incentives for foreign investors, developed infrastructure, and proximity to major Asian markets including China, Japan, and Southeast Asia. The island offers better connectivity and modern amenities compared to many regional competitors, justifying its premium pricing.
For international buyers seeking Asian island properties, Jeju provides a middle-ground option between emerging markets with lower prices but higher risks, and established markets with higher prices but greater stability.
The combination of special administrative status, visa benefits, and strategic location makes Jeju attractive despite higher entry costs.
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 financing options exist for buying property in Jeju Island, especially for foreigners?
Foreigners can purchase property in Jeju Island with fewer restrictions than mainland South Korea, though financing options remain limited compared to domestic buyers.
Mortgage financing is available for foreigners holding long-term residency visas (F2, F4, F6), typically requiring down payments of 30-50% and sometimes higher depending on the lender's risk assessment.
As of June 2025, typical mortgage rates range from 3.65% to 4.05% per annum for fixed-rate loans, varying by loan product, maturity period, and borrower qualifications. Variable rate options may offer lower initial rates but carry interest rate risk.
The Jeju Special Law provides investment visa pathways for certain property purchases, potentially qualifying buyers for residency status that improves financing access.
Cash purchases remain the most straightforward option for foreign buyers, avoiding complex banking requirements and providing stronger negotiating positions with sellers.
What's the smartest property investment strategy in Jeju Island right now?
As of mid-2025, the most effective property investment strategies in Jeju Island focus on income-generating properties in tourist-heavy zones and lifestyle purchases in prime locations.
- Short-term Rental Strategy: Properties in tourist areas can generate 3-5% annual yields ($2,000-$15,000 per year), though this requires active management and compliance with local regulations.
- Long-term Rental Approach: Offers steady but lower yields (3-5%) with less volatility and management requirements, suitable for passive investors.
- Buy-to-Live Strategy: Particularly attractive for digital nomads, retirees, and those seeking lifestyle changes, benefiting from Jeju's unique visa incentives.
- Eco-Friendly Investment: Growing demand for sustainable properties combined with government tax incentives makes green homes increasingly attractive.
- Buy-to-Sell Strategy: Currently less attractive due to market stabilization and limited speculative gain potential in the short term.
Can you provide real examples of recent property sales in Jeju Island?
Recent property transactions in Jeju Island demonstrate the wide price range across different market segments and locations.
In the low-end market, a 45-square-meter apartment in Jeju City recently sold for approximately $220,000, representing typical entry-level urban housing for first-time buyers or rental investors.
Mid-range properties include an 80-square-meter two-bedroom apartment in Aewol that changed hands for $475,000, reflecting the premium for emerging coastal areas with growth potential. A traditional countryside home with 100 square meters in Jocheon sold for $350,000, appealing to buyers seeking space and tranquility.
High-end transactions feature a 200-square-meter luxury villa in Jungmun-dong that sold for $1.8 million, showcasing the premium coastal luxury market. Coastal land plots continue selling for $1,200-$1,800 per square meter depending on ocean access and development potential.
These examples reflect as of June 2025 market conditions with stable pricing in most segments.
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How should you choose between Jeju City, Seogwipo, and rural areas?
Choosing the right location in Jeju Island depends on your priorities regarding lifestyle, investment potential, and budget constraints.
Jeju City offers urban amenities, digital nomad infrastructure, strong rental demand, and modern conveniences, but comes with higher property prices and urban density. This location suits professionals, entrepreneurs, and investors seeking reliable rental income.
Seogwipo provides coastal luxury living, tourist attractions, premium lifestyle amenities, and stunning natural beauty, but requires higher entry costs and may face seasonal demand fluctuations. This area appeals to luxury buyers and those prioritizing lifestyle over investment returns.
Rural and inland areas like Namwon and Jocheon offer significantly more space for your budget, quieter living environments, and lower ongoing costs, but provide limited rental investment potential and fewer amenities. These locations suit retirees, remote workers, and those seeking tranquil lifestyle changes.
Emerging coastal towns like Aewol and Hallim present balanced opportunities with gentrification trends, improved infrastructure, eco-friendly developments, and good medium-term appreciation potential, making them attractive for both lifestyle and investment purposes.
It's something we develop in our South Korea property pack.
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 real estate market offers diverse opportunities from affordable rural properties to luxury coastal villas, with the market stabilizing after rapid growth.
The smartest strategies in 2025 focus on lifestyle purchases in prime areas or eco-friendly investments in emerging neighborhoods like Aewol and Hallim.
Sources
- Jeju Island Property Analysis
- Marriott Homes and Villas Jeju
- Jeju Island Real Estate Trends
- Jeju Island Real Estate Market
- MK Business News Korea
- Juwai Asia Property Guide
- Global Property Guide South Korea
- Moving Countries Jeju Guide
- South Korea Real Estate for Foreigners
- Jeju Island Price Forecasts