How much for a property in Jeju Island now?

Authored by the expert who managed and guided the team behind the South Korea Property Pack

Yes, the analysis of Jeju Island's property market is included in our pack

Who is the author of this content?

BAMBOOROUTES

A team specialized in real estate investing in APAC countries (Japan, Thailand, Indonesia, Australia, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Jeju Island. If you'd like to learn more about us, you can check our presentation page.

What's your investment goal and timeline for Jeju Island property?

Your investment goal determines which areas and property types will work best for your budget and timeline.

If you're planning to live in Jeju Island, urban centers like Jeju City and Seogwipo offer the best combination of amenities and steady appreciation. The market has stabilized after years of speculation, making it less volatile for residents. You'll find modern apartments with good infrastructure and access to international schools, hospitals, and business centers.

For long-term rental investment, rising rents and stable sales prices make buy-to-let attractive, especially in urban and coastal areas where tourism and digital nomad demand remain strong. Areas near universities and business districts typically maintain steady occupancy rates year-round.

Short-term rental investment works well in Jeju's position as a tourism hotspot, but pricing and occupancy are seasonal. Properties near natural attractions, beaches, and tourist sites in Seogwipo and coastal areas perform best, though you'll need to manage seasonal fluctuations.

For buy-to-resell strategies, renovation uplift is most effective in urban, coastal, and luxury villa segments, but expect moderate returns and longer holding periods than during the previous speculative boom. The government's anti-speculation policies have cooled quick-flip opportunities.

Regarding timeline, a 5-10 year investment horizon offers the most sustainable gains, with urban areas forecasted for 2-5% compound annual growth rate. Speculative short-term flips are less feasible due to the stabilized market conditions.

What's your total budget in KRW including all costs?

Your total budget needs to account for purchase price, taxes, fees, renovations, and contingency funds.

The average purchase price in prime Jeju City neighborhoods is around 5 million KRW per square meter. However, luxury apartments can reach 14 million KRW per pyeong (3.3 square meters). In Seogwipo, expect around 4.5 million KRW per square meter, while coastal areas like Aewol and Hallim average 3.5 million KRW per square meter.

Beyond the purchase price, taxes, fees, agency commissions, and legal costs typically add 10-15% to your total investment. Registration fees, acquisition taxes, and legal documentation can range from 40-60 million KRW on a 400 million KRW property. Additionally, plan for renovations which can cost 500,000-2 million KRW per square meter depending on the scope of work.

For a practical example, if you're buying a new 80 square meter apartment in Jeju City, budget approximately 400 million KRW for the purchase, 60 million KRW for additional costs, and 40 million KRW for renovation and contingency. This brings your total budget to around 500 million KRW or more, depending on location and renovation requirements.

It's something we develop in our South Korea property pack.

Which property type fits your investment plan?

Property type selection depends on your budget, goals, and risk tolerance in Jeju Island's current market.

Apartments and condominiums dominate the market for good reason - they're modern, secure, and show the highest appreciation rates, especially in city centers. New build apartments in Jeju City and Seogwipo offer better amenities, higher rental yields, and stronger resale demand compared to older units.

Villas and houses appeal to lifestyle buyers and those seeking larger spaces. New build and luxury resale properties command premium prices, especially in coastal zones with ocean views. These properties typically require higher maintenance costs but offer more privacy and land ownership.

Land speculation has cooled due to government policies, though some areas around the planned second airport still see 40%+ price increases. Raw land requires development expertise and significant capital, making it suitable only for experienced investors.

Commercial and resort properties show growth in Seogwipo and Nohyeong-dong, tied to tourism and affluent demographics. These require specialized knowledge of commercial real estate laws and higher initial investments.

Between new build and resale properties, urban new builds generally offer better amenities and yield potential. Resale properties can deliver renovation uplift opportunities, but expect less demand for rural and older properties that need significant upgrades.

Which areas of Jeju Island are you targeting?

Location choice significantly impacts both your investment returns and lifestyle quality in Jeju Island.

Don't lose money on your property in Jeju Island

100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.

Download Now

What size and layout do you need for your property?

Property size and layout requirements vary significantly based on your intended use and target market.

Typical urban apartments in Jeju range from 50-120 square meters with 2-4 bedrooms and 1-2 parking spaces. Smaller units (50-70 square meters) work well for couples or short-term rentals, while larger units (90-120 square meters) suit families or luxury vacation rentals. Most modern apartments include balconies and built-in storage solutions.

Villas and houses offer larger spaces, typically 120-300 square meters with multi-bedroom layouts and private parking. These properties often include private gardens or courtyards, making them attractive to families or those seeking more space. However, maintenance costs and utility expenses are higher.

Property condition significantly affects both price and rental potential. New build and recently renovated units in prime condition fetch the highest prices and fastest sale or rental turnover. Rural or older homes typically need considerable upgrades to meet modern standards and attract quality tenants.

For investment properties, consider your target tenant demographic. Business travelers and digital nomads prefer modern apartments with reliable internet and proximity to amenities. Families look for larger spaces with multiple bedrooms and nearby schools. Tourism-focused rentals benefit from scenic views and proximity to attractions.

Do you qualify for a local mortgage in South Korea?

Mortgage qualification for foreigners in South Korea involves significant barriers and higher requirements compared to local buyers.

Foreign buyers typically face 30-50% minimum down payment requirements, compared to 20-30% for Korean citizens. This means for a 400 million KRW property, you'll need 120-200 million KRW in cash upfront. Banks prefer cash buyers and often require extensive documentation for foreign applicants.

Loan-to-value ratios for foreigners typically range from 40-70%, often lower for non-residents and newcomers without established Korean credit history. Interest rates for foreign borrowers range from 4-7%, usually 0.5-1.5% above rates offered to locals. For a 300 million KRW loan at 5.5% over 20 years, expect monthly payments around 2 million KRW.

Bank financing requires deep documentation including proof of income, employment history, tax returns, and sometimes a Korean co-signer. Local employment or business ties significantly improve approval chances. Some banks require you to maintain substantial deposits in Korean accounts before considering mortgage applications.

Many foreign investors find cash purchases more practical due to these restrictions. If you need financing, work with real estate agents who have banking relationships and can guide you through the specific requirements of different lenders.

What's the true "keys-in-hand" price for your property?

The actual cost of buying property in Jeju Island extends well beyond the advertised purchase price.

Acquisition taxes typically add 4-6% to your purchase price, while agency commissions and legal fees contribute another 3-5%. Registration fees and documentation costs add approximately 1-2% more. These combined costs can add 40-60 million KRW to a 400 million KRW property purchase.

Renovation costs vary dramatically based on property condition and your standards. Basic cosmetic improvements might cost 500,000 KRW per square meter, while complete renovations can reach 2 million KRW per square meter. Factor in furniture, appliances, and any structural modifications needed.

For a practical example of a 400 million KRW apartment purchase, budget approximately 20-30 million KRW for taxes and fees, plus 40 million KRW for renovation and contingency funds. Your total "keys-in-hand" investment would be 460-470 million KRW.

Additional one-time costs include utility connections, insurance setup, building security deposits, and any HOA membership fees. Some luxury developments require substantial deposits for building amenities and services.

It's something we develop in our South Korea property pack.

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 will your monthly costs be if you live there?

Monthly living costs in Jeju Island vary based on property type, location, and lifestyle choices.

Utilities including electricity, gas, water, and internet typically cost 200,000-400,000 KRW per month for a standard apartment. Air conditioning during summer months and heating in winter can push utility costs to the higher end of this range. Internet and cable services add approximately 50,000-80,000 KRW monthly.

Maintenance and HOA fees range from 100,000-300,000 KRW per month depending on building amenities. Luxury developments with pools, gyms, and concierge services charge higher fees, while basic apartment buildings have minimal charges. These fees typically cover common area maintenance, security, and building insurance.

Property insurance, management services, and miscellaneous expenses add another 50,000-150,000 KRW monthly. If you hire property management services for maintenance and repairs, expect additional costs of 100,000-200,000 KRW per month.

For a typical 3-bedroom apartment, total monthly living costs range from 350,000-850,000 KRW, with luxury properties and higher-maintenance homes at the upper end of this range.

What are realistic rental yields for investment properties?

Rental yields in Jeju Island vary significantly between long-term and short-term rental strategies.

Long-term rental yields in urban prime zones typically range from 3-5% gross, with net yields after management, maintenance, and vacancy averaging 2-4%. Rents have been rising approximately 3% annually as of 2024, supporting steady income growth. Properties in Jeju City and Seogwipo consistently outperform rural areas for year-round occupancy.

Short-term vacation rental properties can achieve gross yields of 6-8% in prime tourist areas, but net yields drop to 3-5% after accounting for cleaning, vacancy periods, utilities, and management fees. Seasonal demand patterns significantly affect occupancy rates, with peak season in summer and lower occupancy in winter months.

Management fees typically consume 10-20% of gross rental income for long-term rentals and 20-30% for short-term rentals due to higher turnover and service requirements. Factor in vacancy periods, maintenance costs, and property taxes when calculating net returns.

Urban properties generally outperform coastal and rural units for consistent year-round income. Tourist-dependent areas show higher seasonal volatility but can generate premium rates during peak periods. Choose your rental strategy based on your involvement level and risk tolerance.

What can you expect for buy-to-resell opportunities?

Buy-to-resell strategies in Jeju Island require realistic expectations about renovation uplift and holding periods.

Comparable resale uplift opportunities exist primarily in urban new builds and luxury villas, with potential gains of 5-15% for well-executed renovations. The best renovation opportunities come from properties purchased below market value that need cosmetic improvements rather than structural work.

Days-on-market average 30-60 days in urban zones like Jeju City and Seogwipo, while rural properties can take 90+ days to sell. Market liquidity varies significantly by location, with prime urban areas maintaining active buyer interest throughout the year.

For renovation projects, focus on kitchen and bathroom upgrades, modern flooring, and energy-efficient appliances. These improvements typically provide the best return on investment and appeal to the broadest buyer pool. Avoid over-improving for the neighborhood market standards.

Expect holding periods of 2-5 years for optimal returns, as the market has moved away from quick-flip opportunities. Factor in carrying costs including property taxes, insurance, and utilities during renovation and marketing periods.

Current market conditions favor steady, moderate returns rather than speculative gains, making buy-to-resell suitable for experienced investors with renovation expertise and adequate capital reserves.

Which areas offer the best value right now?

Jeju Island's property market shows clear stratification between premium, emerging, and value areas as of September 2025.

The most expensive areas include central Jeju City, Nohyeong-dong, and waterfront Seogwipo, where prime properties command 7-10 million KRW per square meter. These areas offer the strongest infrastructure, highest rental yields, and most consistent appreciation but require significant capital investment.

Up-and-coming areas include zones near the planned second airport, select coastal new developments, and boutique neighborhoods that are attracting younger demographics and international residents. These areas show potential for above-average growth but carry higher risk.

Best value opportunities exist in interior and rural areas where prices remain around 2-3 million KRW per square meter. However, these locations typically have weak resale prospects and limited rental demand, making them suitable only for budget-conscious buyers willing to renovate and hold long-term.

The coastal areas of Aewol and Hallim offer a middle ground at 3-5 million KRW per square meter, providing lifestyle benefits and moderate appreciation potential without the premium prices of prime urban locations.

It's something we develop in our South Korea property pack.

How have prices changed and what's the outlook?

Jeju Island's property market has undergone significant transformation over the past five years, with current trends pointing toward continued but moderate growth.

Over the past year, apartments have shown weekly growth of 0.21%, translating to 3-7% annual appreciation in prime areas. This represents a stabilization from the double-digit speculative growth seen in previous years, creating a more sustainable market environment for both investors and residents.

Five-year price trends show a transition from speculative boom to steady growth, with prices significantly higher than 2019 levels but volatility substantially reduced due to government anti-speculation measures. Urban areas have outperformed rural locations consistently throughout this period.

The 1-year outlook suggests continued moderate growth of 2-5% annually in prime areas, supported by steady tourism recovery and limited new supply in desirable locations. Economic policies favoring stability over rapid price increases are expected to maintain this trajectory.

Five-year projections indicate 1-5% compound annual growth rate in top neighborhoods, with urban areas like Jeju City and Seogwipo leading appreciation. Rural and interior locations may see stagnation or slight declines due to urbanization trends and limited development.

Ten-year outlook remains positive for well-located properties, though growth rates will likely remain moderate compared to the speculative periods of the past. Infrastructure development, including the second airport project, will create new growth corridors while established areas maintain steady appreciation.

How does Jeju compare to similar markets?

Jeju Island's property market positioning relative to comparable Asian island destinations reveals both opportunities and challenges for international investors.

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.

Sources

1. Jeju Island Price Forecasts - BambooRoutes
2. House Prices Jeju Island - BambooRoutes
3. Moving to Korea Buy Property - BambooRoutes
4. Financing Property in South Korea - Aparthotel
5. South Korea Price History - Global Property Guide
6. South Korea Tourism Real Estate Market - LinkedIn
7. 2025 Real Estate Trends South Korea - Global Banking and Finance
8. Korea Housing Statistics - HOUSTAT