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Jeju Island's property market offers diverse opportunities for both investment and lifestyle purchases, with average prices significantly lower than Seoul but higher than most provincial Korean cities.
As of September 2025, residential properties on Jeju Island average around 5 million KRW per square meter, with significant variations between prime coastal areas commanding premiums of $390,000-$550,000 for modern apartments and rural inland properties starting from $180,000-$300,000.
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Jeju Island property prices average 5 million KRW per square meter as of September 2025, with coastal areas commanding significant premiums over rural locations.
The market shows moderate growth potential, with urban and tourist areas expected to appreciate 3-5% annually while rural properties face weaker prospects due to demographic trends.
| Property Type | Location | Price Range (USD) |
|---|---|---|
| Modern Apartments | Seogwipo/Jungmun | $390,000 - $550,000 |
| City Center Apartments | Jeju City | $300,000 - $450,000 |
| Semi-Urban Apartments | Aewol/Hallim | $250,000 - $400,000 |
| Rural Properties | Interior/Countryside | $180,000 - $300,000 |
| Luxury Villas | Prime Coastal | $1,000,000 - $2,000,000+ |
| Commercial Land | Airport Development Zones | Varies by project |
What is the average price per square meter for residential properties on Jeju Island?
The average price per square meter for residential properties on Jeju Island is approximately 5 million KRW as of September 2025.
This figure represents a moderate position within South Korea's property market, sitting below Seoul's premium pricing but above most provincial cities. The 5 million KRW per square meter translates to roughly $3,750 USD per square meter at current exchange rates.
It's important to note that this average encompasses significant variation across different property types and locations. Prime waterfront apartments in tourist areas can command prices well above this average, while rural inland properties typically fall below it. The figure also reflects the stabilization of Jeju's property market following government interventions to curb speculative activity in the early 2020s.
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How do property prices vary between different areas of Jeju Island?
Property prices on Jeju Island show dramatic variation based on location, with coastal tourist areas commanding the highest premiums and rural inland properties offering the most affordable entry points.
Urban centers like Jeju City and Seogwipo represent the island's most expensive markets. In Jeju City center, some premium apartments reach over 14 million KRW per pyeong (approximately 3.3 square meters), reflecting strong demand from both locals and investors seeking urban convenience and amenities.
Prime coastal and resort areas, particularly Jungmun-dong in Seogwipo, command substantial premiums due to their tourism appeal and luxury positioning. Modern apartments in these coveted locations range from $390,000 to $550,000, with luxury villas exceeding $2 million for premium waterfront properties.
Semi-urban neighborhoods like Aewol and Hallim offer middle-ground pricing, with apartments typically priced between $250,000 and $400,000. These areas provide good infrastructure access while maintaining more affordable entry points compared to prime locations.
Rural and inland properties present the most budget-friendly options, with apartments ranging from $180,000 to $300,000, though these areas may face weaker future appreciation prospects due to ongoing urbanization trends.
What are the typical total costs involved in purchasing a property, including taxes and fees?
Beyond the property purchase price, buyers on Jeju Island should budget for several additional costs that can add 5-8% to the total transaction value.
Property acquisition tax represents the largest additional expense, calculated as a percentage of the property's appraised value and varying based on the property type and buyer status. Registration fees typically range from 0.1% to 3% of the property value, depending on the specific property classification and registration requirements.
Real estate agent commissions generally fall between 1-2% of the purchase price, though this can vary based on the property value and complexity of the transaction. Legal and processing fees add additional variable costs for document preparation, title verification, and transaction completion.
Ongoing property taxes vary significantly by property type and size, with different rates applied to apartments, single-family homes, and commercial properties. Foreign buyers should also factor in potential currency conversion costs and any additional documentation requirements specific to international transactions.
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What are the current mortgage rates and financing options available for property buyers?
As of September 2025, mortgage rates on Jeju Island are approximately 3.0% base rate, with Korean banks offering various fixed and variable rate products to qualified buyers.
Both Korean residents and qualified foreign buyers can access mortgage financing, though foreign buyers face additional documentation requirements and potentially higher rates. Banks typically offer loan-to-value ratios of 70-80% for primary residences, with lower ratios for investment properties.
Variable rate mortgages tend to offer lower initial rates but carry interest rate risk, while fixed-rate products provide payment certainty but typically start at higher rates. The specific rate offered depends on factors including credit history, down payment amount, property location, and borrower nationality.
Foreign investment remains permitted but subject to registration rules, and recent government measures have increased restrictions to limit speculative activity. This regulatory environment means financing terms can change, making it essential to work with experienced local financial advisors who understand current requirements.
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How do property prices today compare to those from five years ago?
Jeju Island property prices have experienced modest growth over the past five years, with the market showing stabilization following government intervention to cool speculative activity.
The early 2020s saw robust price growth driven by domestic investment and speculation, but this trend moderated significantly after regulatory measures were implemented. As of 2025, prices show weekly apartment price increases of approximately 0.21%, indicating a more sustainable growth trajectory compared to the rapid appreciation seen in previous years.
While properties have maintained their value and shown modest appreciation, the speculative bubbles that characterized earlier periods have largely dissipated. This stabilization has created a more predictable market environment for both investors and end-users seeking residential properties.
Urban and coastal areas have generally maintained stronger price performance compared to rural locations, reflecting ongoing demand from tourism, retiree migration, and urban lifestyle preferences. The government's success in cooling speculative activity has resulted in a more balanced market that reflects actual demand rather than investment speculation.
What is the projected price trend for the next one, five, and ten years?
Jeju Island's property market outlook shows moderate but sustainable growth potential, with performance varying significantly by location and property type.
| Time Horizon | Expected Growth | Key Factors |
|---|---|---|
| 1 Year (2026) | 3-5% in urban/coastal areas | Tourism recovery, infrastructure development |
| 5 Years (2030) | Moderate sustainable growth | Second airport completion, demographic trends |
| 10 Years (2035) | Strong appreciation in prime zones | Tourism maturation, urban concentration |
| Rural Areas (All periods) | Weak to declining prospects | Aging population, urban migration |
| Airport Development Zones | Potentially significant gains | Infrastructure completion, commercial development |
Which areas of Jeju Island are considered the most expensive, and which are more affordable?
Jeju Island's property market shows clear geographic price stratification, with coastal tourism areas commanding premium prices and rural inland regions offering affordable alternatives.
The most expensive areas include Jeju City center, where urban amenities and infrastructure access drive high demand, and Seogwipo, particularly the luxury-focused Jungmun-dong district. Nohyeong-dong also ranks among premium locations, while areas near new airport developments have seen significant price appreciation due to infrastructure expectations.
Prime coastal locations with tourism appeal consistently command the highest prices, with luxury waterfront properties in these areas reaching well into the millions for premium villas and high-end apartments. These areas benefit from both domestic demand and international interest from investors seeking lifestyle properties.
The most affordable options are found in rural interior locations such as Namwon and Jocheon, where inland countryside homes offer significant savings compared to coastal properties. These areas provide access to Jeju's natural beauty at much lower price points, though they may lack some urban conveniences and face weaker appreciation prospects.
Semi-urban areas like Aewol and Hallim occupy the middle ground, offering emerging market potential with planned infrastructure improvements while maintaining more accessible pricing than established premium locations.
What are the best areas to invest in if planning to live in the property?
For residential living, the best investment areas on Jeju Island balance lifestyle quality, amenities access, and long-term value retention.
Seogwipo and Jungmun-dong offer luxury living with expat-friendly environments and high livability scores. These areas provide excellent access to tourism amenities, international dining, and recreational facilities, making them ideal for those seeking a resort-lifestyle residential experience.
Aewol and Hallim represent emerging districts with strong future potential, offering semi-urban convenience while maintaining more affordable entry points. These areas benefit from planned infrastructure developments and growing popularity among both locals and international residents.
Jeju City center provides urban lifestyle benefits with comprehensive amenities access and strong property liquidity. The area offers the best public transportation, shopping, dining, and cultural facilities on the island, making it suitable for those preferring city conveniences.
Coastal areas near Hamdeok and Hyeopjae beaches offer beachfront living opportunities with strong tourism appeal, though buyers should consider seasonal activity fluctuations and potential noise from tourist activities during peak periods.
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Which areas are most suitable for short-term rentals or long-term leasing?
Coastal tourist areas offer the highest yield potential for short-term rentals, particularly during Jeju's peak vacation seasons.
- Seogwipo and Jungmun-dong: Premium tourist destinations with luxury amenities, international appeal, and year-round visitor traffic
- Hamdeok Beach area: Popular family destination with excellent beach access and strong domestic tourism demand
- Hyeopjae Beach vicinity: Scenic coastal location attractive to both domestic and international visitors
- New development zones: Emerging areas attracting digital nomads, remote workers, and extended-stay tourists
- Jeju City center: Business travelers and urban tourists seeking convenience and amenities access
For long-term leasing, urban and semi-urban areas with good infrastructure provide more stable rental demand from residents, workers, and long-term expatriates. Areas with university access, business districts, and transportation hubs typically offer more consistent occupancy rates throughout the year.
What are the prospects for buying property with the intention to resell at a higher price later?
Resale prospects on Jeju Island vary dramatically by location, with urban and coastal areas showing the strongest potential for capital appreciation.
Urban and coastal properties demonstrate the strongest resale potential due to ongoing demand from tourism, infrastructure development, and demographic trends favoring coastal and urban living. These areas benefit from continuous demand drivers including tourism growth, retiree migration, and lifestyle preferences that support long-term value appreciation.
Properties near major infrastructure projects, particularly the Second Airport development, have historically shown appreciation rates exceeding 40% in select zones, though this comes with higher speculation risk and regulatory uncertainty. Government monitoring of these areas means future appreciation may be more controlled.
Rural and interior properties face weaker resale prospects due to demographic decline and urban migration trends. Korea's aging rural population and preference for urban living create headwinds for properties in remote locations, making them less attractive for capital appreciation strategies.
Prime beachfront and luxury properties in established tourist areas typically maintain strong resale value due to limited supply and consistent demand from both domestic and international buyers seeking lifestyle properties or investment assets.
How do Jeju Island's property prices compare to other similar cities in South Korea?
Jeju Island occupies a unique position in South Korea's property market, with prices significantly lower than major metropolitan areas but higher than most provincial cities.
Compared to Seoul, Jeju City properties cost approximately half the price per square meter, making Jeju an attractive alternative for those seeking Korean property investment without Seoul's premium pricing. Seoul's property market commands more than double Jeju's average per square meter price, reflecting the capital's economic dominance and population density.
Against Busan, South Korea's second-largest city, Jeju shows competitive pricing while offering unique lifestyle advantages including tourism appeal, natural beauty, and resort-style living that Busan cannot match. Jeju's coastal premium properties often exceed Busan prices due to their tourism and lifestyle positioning.
Compared to other provincial cities, Jeju commands premium pricing due to its special tourism status, natural attractions, and government designation as a special administrative region. However, this premium positioning also provides stronger liquidity and international appeal compared to typical provincial markets.
Jeju's comparison to similar resort destinations in the region shows competitive pricing while offering unique advantages including visa-free tourism, established infrastructure, and government support for international investment and development.
What are the smartest investment choices in Jeju Island's current property market?
The smartest investment strategies on Jeju Island focus on properties that combine tourism appeal, infrastructure access, and long-term demographic trends.
Modern apartments or villas in Seogwipo, Jeju City, Jungmun, Aewol, and Hallim represent the optimal balance of price appreciation potential, rental yields, and resale liquidity. These locations benefit from established tourism demand, planned infrastructure improvements, and growing popularity among both domestic and international buyers.
Commercial or residential land near the Second Airport project offers potentially significant returns, with historical appreciation exceeding 40% in select zones. However, this strategy carries higher speculation risk and requires careful timing and location selection within the development corridor.
Properties suitable for short-term rental conversion in prime tourist areas provide dual benefits of personal use and income generation. Coastal locations with beach access and urban properties with amenity access offer the strongest rental demand and seasonal income potential.
Emerging semi-urban areas like Aewol and Hallim present value opportunities for patient investors willing to benefit from planned infrastructure development and growing popularity while entering at more accessible price points than established premium locations.
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 offers compelling opportunities for both lifestyle and investment purposes, with coastal and urban areas showing the strongest prospects for appreciation and rental income.
Success in this market requires careful location selection, understanding of local regulations, and realistic expectations about growth timelines, particularly given government efforts to maintain market stability.
Sources
- Jeju Island Price Forecasts - BambooRoutes
- Numbeo Property Investment Guide - Jeju
- House Prices Jeju Island - BambooRoutes
- Moving Countries Guide - Jeju Island Property
- Jeju Island Property Market Analysis - BambooRoutes
- Global Property Guide - South Korea
- InvestAsian - South Korea Real Estate Guide
- Average Apartment Prices South Korea - BambooRoutes