How to invest in property in Jeju Island?

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.

How this content was created 🔎📝

At BambooRoutes, we explore the South Korean real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Jeju City and Seogwipo. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

Is it actually possible for foreigners to buy property in Jeju Island, and what types can they purchase?

Foreigners can legally buy most property types in Jeju Island with minimal restrictions compared to Korean nationals.

The island allows foreign ownership of apartments, houses, villas, commercial buildings, and land in almost all areas. This openness makes Jeju one of South Korea's most accessible real estate markets for international investors.

Restricted areas are limited to military zones and some agricultural land with specific classifications. These restricted zones are rare and clearly marked by local authorities, so you're unlikely to encounter them during your property search.

As of September 2025, foreign property ownership in Jeju faces no additional requirements like minimum residency periods or local sponsorship that you might find in other countries.

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

How does the buying process in South Korea compare to Western countries in terms of difficulty?

South Korea's property purchase process is considered relatively straightforward and open to foreigners, though it involves more administrative steps than some Western countries.

The process doesn't require residency status or local sponsorship, making it more accessible than countries like Singapore or Thailand. However, the documentation requirements and mandatory reporting procedures can be more bureaucratic than streamlined systems in countries like the UK or Australia.

Foreign buyers don't face major legal barriers, but the paperwork demands strict accuracy and timing. The mandatory Bank of Korea notifications and Land Acquisition Reports must be filed within specific deadlines, which some buyers find more complex than Western property transactions.

Most international buyers describe the process as manageable but recommend using experienced local agents and legal professionals to navigate the administrative requirements efficiently.

What are the exact steps from finding a property to finalizing the purchase?

The Jeju Island property purchase process follows seven distinct steps that typically take 1-3 months to complete.

Step	Action Required	Timeline
1. Property Selection	Find property and negotiate price with licensed agent	2-4 weeks
2. Contract Signing	Sign sale contract and pay deposit (usually 10%)	1 day
3. Authority Notification	Notify Bank of Korea and local municipal office	Within 30 days
4. Land Acquisition Report	Submit report with passport, contract, registration documents	Within 60 days
5. Registration Number	Apply for real estate registration number through Immigration Office	1-2 weeks
6. Payment Transfer	Complete final payment and title transfer	1 day
7. Final Registration	Complete property registration at local government office	1 week

Which documents are mandatory for foreigners, and which optional ones make the process smoother?

Foreign property buyers must provide five mandatory documents to complete their Jeju Island purchase.

Mandatory documents include your passport, signed purchase contract, Land Acquisition Report, bank statement showing fund sources, and Korean taxpayer identification number. These documents cannot be substituted or waived under any circumstances.

Optional documents that significantly smooth the process include a certificate of foreign registration, power of attorney for remote transactions, additional financial proof for mortgage applications, and translated income verification documents. These aren't legally required but can expedite approval processes and reduce bureaucratic delays.

Having all documents translated into Korean by certified translators, even when not mandatory, typically speeds up government processing times and reduces the chance of requests for additional information.

Can the purchase be completed remotely without being physically present in Korea?

Property transactions in Jeju Island can be completed entirely remotely through legal representation and power of attorney arrangements.

Personal presence isn't required for most transaction steps, including contract signing, payment transfers, and registration processes. Your legal representative can handle all administrative procedures on your behalf with proper authorization.

Remote purchase limitations include increased documentation requirements for identity verification and potentially longer processing times for government approvals. Banks may also request additional financial verification for remote transactions.

The main risk involves property inspection, as viewing properties remotely requires trusted local agents or professional inspection services. Many buyers arrange video tours and detailed property reports before committing to purchases they haven't personally visited.

Are real estate agents in Jeju generally reliable, and how do you choose a trustworthy one?

Jeju's real estate agents (called "budongsan") are generally reliable, but selecting experienced agents with proven track records is crucial for successful transactions.

1. **Verify agent credentials** - Check their official registration with local authorities and business licensing2. **Request client references** - Ask for contact information of recent foreign buyers they've assisted3. **Assess language capabilities** - Ensure they can communicate effectively in your preferred language4. **Review transaction experience** - Prioritize agents with specific experience in foreign buyer transactions5. **Check online reviews** - Research their reputation on expat forums and review platforms6. **Meet multiple agents** - Interview several candidates before selecting your representative

Experienced agents typically maintain relationships with English-speaking lawyers, translators, and financial institutions that cater to foreign buyers. They should also demonstrate thorough knowledge of foreign buyer requirements and documentation procedures.

Avoid agents who cannot provide proper credentials, demand large upfront fees, or seem unfamiliar with foreign buyer regulations and procedures.

Will South Korea's legal system protect foreign buyers if problems arise?

South Korea's legal system treats foreign property buyers equally to Korean nationals, providing full legal recourse for disputes and contract issues.

Foreign buyers have access to the same court systems, government agencies, and dispute resolution mechanisms as local buyers. The judicial system enforces property rights and contracts without discrimination based on nationality.

Legal protections include recourse for seller fraud, contract violations, property defects, and agent misconduct. Government agencies like the Korea Consumer Agency also handle real estate disputes and provide mediation services.

Using a qualified lawyer during your transaction provides additional protection and ensures you understand your legal rights and obligations. Many lawyers in Jeju specialize in foreign buyer transactions and can represent you in both Korean and English.

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

What are the most common mistakes foreigners make when investing in Jeju real estate?

Foreign buyers in Jeju Island frequently make avoidable mistakes that can result in legal complications, financial losses, or transaction delays.

1. **Missing registration deadlines** - Failing to file Land Acquisition Reports within the 60-day requirement2. **Inadequate property inspection** - Buying without thorough physical or professional property assessment3. **Choosing unregistered agents** - Working with unlicensed or inexperienced real estate professionals 4. **Ignoring restricted zones** - Attempting to purchase in military or specially classified agricultural areas5. **Underestimating total costs** - Miscalculating taxes, fees, and ongoing maintenance expenses6. **Incomplete due diligence** - Insufficient research on seller background and property legal status7. **Currency exchange timing** - Poor planning for exchange rate fluctuations during payment transfers

Many buyers also underestimate the importance of understanding local market conditions, seasonal price variations, and long-term area development plans that could affect property values.

Working with experienced local professionals and taking time for thorough research typically prevents most of these common pitfalls.

What precautions should you take before committing to a purchase?

Taking comprehensive precautions before finalizing your Jeju Island property purchase protects against legal and financial complications.

Conduct thorough legal due diligence on both the property and seller, including title verification, outstanding debt checks, and property condition assessments. Verify that all property taxes are current and no legal disputes are pending.

Ensure strict compliance with all Korean notification and registration requirements, including Bank of Korea foreign exchange notifications and local municipal reporting. Missing these deadlines can result in penalties or legal complications.

Use only recommended and verified real estate agents and consider employing a qualified lawyer for contract review and legal representation. Professional legal advice is particularly valuable for understanding complex Korean property law nuances.

Verify all taxes, fees, and property conditions before making final payments, and ensure you have adequate insurance coverage for your investment.

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.

How long does the entire process take from decision to ownership?

The complete Jeju Island property purchase process typically takes 1-3 months from initial property selection to final title registration.

Well-prepared buyers with complete documentation and experienced professional support can complete purchases in as little as 4-6 weeks. However, first-time foreign buyers often require 8-12 weeks due to documentation preparation and administrative processing times.

Factors that can extend timelines include incomplete documentation, language barriers, complex financing arrangements, or government processing delays during busy periods. Remote purchases may add 1-2 additional weeks due to increased verification requirements.

Planning for a 10-week timeline provides adequate buffer for unexpected delays while allowing faster completion when conditions are favorable.

What are all the taxes, costs, and fees involved in the purchase?

Total transaction costs for Jeju Island property purchases typically range from 2-15% of the purchase price, depending on property value and transaction complexity.

Cost Category	Typical Range	Payment Timing
Property Transfer Tax	1-12% of purchase price	At registration
Legal Fees	0.5-1% of purchase price	Upon completion
Real Estate Agent Fees	0.4-0.6% (buyer), 0.3-0.5% (seller)	At contract signing
Registration Fees	0.1-0.3% of purchase price	At registration
Annual Property Tax	0.07-5% of assessed value	Annually thereafter
Translation/Documentation	$500-2,000 USD	During process
Bank Transfer Fees	0.1-0.5% of transfer amount	At payment

Is cash purchase possible, and what mortgage options exist for foreigners?

Cash purchases are fully permitted and commonly used by foreign buyers in Jeju Island, with no restrictions or additional requirements for cash transactions.

Mortgage financing is available to foreign buyers through Korean banks, typically offering loan-to-value ratios up to 70% with interest rates ranging from 3-5% annually. However, mortgage approval requires substantial documentation and often higher down payments than local buyers.

Foreign mortgage applicants need proof of income, assets, employment stability, and creditworthiness. Having existing relationships with Korean financial institutions, resident status, or local income sources significantly improves approval chances.

Non-resident foreign buyers face stricter lending criteria and may be limited to 50-60% loan-to-value ratios. Some banks require minimum income thresholds or substantial deposit accounts to qualify for mortgage financing.

Cash buyers avoid financing complexities and can often negotiate better purchase prices due to transaction certainty and faster closing timelines.

Does buying property in Jeju provide residency or citizenship pathways?

Property investment in designated Jeju Island development zones can qualify foreign buyers for South Korean residency visas, but not direct citizenship pathways.

Qualifying property investments of at least KRW 1 billion (approximately $700,000 USD) in designated resort or development areas can entitle buyers to F-2 resident visa status. This visa allows multiple-entry privileges and extended stays in Korea.

After maintaining F-2 status for five years, investors may apply for F-5 permanent residency, which provides long-term residence rights without citizenship. Korean citizenship requires additional residency periods, language proficiency, and cultural integration requirements beyond property investment.

Only properties in specifically designated areas qualify for visa benefits, and investors must maintain their investment for the duration of their visa status. Regular residential properties in non-designated areas don't provide immigration benefits.

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

Where do foreigners most often buy on Jeju Island, and why?

Foreign buyers concentrate their Jeju Island investments primarily in Jeju City and Seogwipo, which together account for over 80% of international property purchases.

Jeju City attracts buyers seeking urban amenities, business opportunities, and proximity to the international airport. The area offers superior infrastructure, educational facilities, shopping centers, and government services that appeal to both investors and residents.

Seogwipo draws buyers focused on lifestyle investments, retirement properties, and tourism-related real estate. Its scenic coastal location, resort atmosphere, and natural attractions make it particularly popular with Japanese and Chinese investors.

These areas provide the most reliable real estate agent networks, legal services experienced with foreign transactions, and property management options for investors who don't live on the island year-round. They also offer the best liquidity for future property sales due to consistent demand from both local and international buyers.

Other areas like Hallim and Jungmun attract some foreign investment but have more limited services and lower transaction volumes.

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. Arab MLS - Foreigners Buying Property in Jeju
2. BambooRoutes - Foreigners Buy Property Jeju Island
3. BambooRoutes - Can Americans Buy Property South Korea
4. Global Property Guide - South Korea Buying Guide
5. ApartHotel - Foreigners Buy Property South Korea
6. BehalfKR - Korea Real Estate Acquisition
7. Invest Korea - Real Estate Investment
8. BambooRoutes - South Korea Real Estate Foreigner
9. Global Property Guide - South Korea Taxes and Costs
10. Nomad Capitalist - Jeju Island Residence Visa