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
Jeju Island is one of the few places in South Korea where foreigners can buy residential property under the same basic rules as Korean citizens.
In this guide, we explain what you can legally own, which visas matter, and how to avoid costly mistakes when buying property on Jeju Island in 2026.
We constantly update this blog post with the latest regulations, closing costs, and mortgage rates for foreign buyers on Jeju Island.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Jeju Island.
Insights
- Foreigners buying property on Jeju Island in 2026 must file a land acquisition report within 60 days of signing the contract, and missing this deadline can result in fines up to 3 million won.
- About 70% of foreign buyers on Jeju Island underestimate how often rural properties sit on land classified as agricultural, which triggers additional qualification requirements even for residential use.
- Mortgage rates for foreigners on Jeju Island in January 2026 typically range from 4.2% to 5.8%, while government-backed Didimdol loans for qualifying residents can go as low as 2.55%.
- Jeju Island has no foreign ownership quota for apartments or condos, unlike some Southeast Asian countries, but late 2025 policy changes signal tighter controls may come in 2026.
- Total closing costs on Jeju Island in 2026 typically land around 5.5% of the purchase price, with acquisition tax alone accounting for roughly 4% in most cases.
- The Supreme Court Internet Registry Office (IROS) is the only authoritative source to verify ownership and liens on Jeju Island property, and foreign buyers should pull a fresh extract right before closing.
- Annual property tax on a typical mid-range Jeju Island apartment runs between 1 million and 3.5 million won per year, based on assessed value rather than market price.
- Non-resident foreigners buying on Jeju Island must obtain a real estate registration number through immigration administration before they can complete the ownership transfer.
- Jeju Island's many conservation and coastal zones mean a property's zoning certificate matters more here than in mainland Korean cities, and buyers often discover renovation restrictions only after purchase.
- KB Kookmin Bank, Shinhan Bank, and Hana Bank are the most foreigner-friendly lenders on Jeju Island in 2026, but most require an Alien Registration Card and local income proof for mortgage approval.
What can I legally buy and truly own as a foreigner in Jeju Island?
What property types can foreigners legally buy in Jeju Island right now?
In January 2026, foreigners can legally buy apartments, villas, officetels, detached houses, and townhouses on Jeju Island in their own name, just like Korean citizens.
The main difference for foreign buyers on Jeju Island is not whether you can own property, but rather the extra reporting and permission steps that apply when your purchase includes land.
For apartments and officetels, you automatically own a fractional share of the land beneath the building, so land-related reporting requirements still apply even if you are buying a unit in a high-rise complex.
Jeju Island also has many environmentally sensitive and coastal areas, which means checking the zoning and land-use restrictions before signing is essential, not optional.
Finally, please note that our pack about the property market in Jeju Island is specifically tailored to foreigners.
Can I own land in my own name in Jeju Island right now?
Yes, foreigners can own land in their own name on Jeju Island, including the land underneath detached houses and the fractional land share that comes with apartment ownership.
However, land ownership triggers a mandatory reporting requirement: foreign buyers must file a land acquisition notification with the local si/gun/gu office within 60 days of the contract date.
Some land on Jeju Island falls into "permission zones," where you need advance approval before signing the contract, rather than just filing a report afterward.
One common trap on Jeju Island is buying a lifestyle home that sits on land classified as agricultural, which adds extra qualification and usage requirements that can block your plans.
By the way, we cover everything there is to know about the land buying process in Jeju Island here.
As of 2026, what other key foreign-ownership rules or limits should I know in Jeju Island?
As of January 2026, the most important rule affecting foreign purchases on Jeju Island is that Korea runs a reporting and permission system, meaning you cannot simply sign a private contract and assume you own the property.
There is no foreign ownership quota for apartments or condos on Jeju Island, unlike countries such as Thailand or Malaysia where foreigners face strict unit caps in each building.
Foreign buyers must complete an acquisition report with the local government office and register the ownership transfer with the Supreme Court registry within 60 days, or face potential fines.
In December 2025, Korea announced tighter controls on foreign home purchases in certain areas, with some measures taking effect in February 2026, so buyers should verify current local designations before signing any contract.
What's the biggest ownership mistake foreigners make in Jeju Island right now?
The single biggest mistake foreigners make when buying property on Jeju Island is treating the private purchase contract as the moment of ownership and then skipping or delaying the required registry and reporting steps.
If you fail to register ownership and file the acquisition report on time, you risk fines, and more importantly, your ownership may not be legally protected against third-party claims.
Another classic pitfall on Jeju Island is buying a beautiful coastal or rural home without confirming land-use restrictions, then discovering that your renovation, extension, or intended guesthouse use is not permitted under local zoning rules.
We have made this infographic to give you a quick and clear snapshot of the property market in South Korea. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
Which visa or residency status changes what I can do in Jeju Island?
Do I need a specific visa to buy property in Jeju Island right now?
You do not need a specific visa to buy residential property on Jeju Island in January 2026, and even tourists can technically purchase real estate here.
The most common administrative barrier for non-residents is obtaining a real estate registration number through immigration administration, which is required to complete the ownership transfer if you do not have an Alien Registration Card.
In practice, having a local tax ID or Alien Registration Card makes the process much smoother, especially if you want to open a Korean bank account or apply for a mortgage.
Foreign buyers on Jeju Island typically need to present their passport, proof of funds, the purchase contract, and either an ARC or real estate registration number to complete the transaction.
Does buying property help me get residency and citizenship in Jeju Island in 2026?
As of January 2026, buying an ordinary home on Jeju Island does not automatically give you residency or a pathway to Korean citizenship.
Korea has offered investment-based immigration programs in the past, including some linked to Jeju Island, but these require specific qualifying investments, minimum amounts, and holding periods rather than just any property purchase.
If residency is your goal, you should pursue it through work visas, family sponsorship, or dedicated investment immigration categories rather than assuming a home purchase will qualify you.
We give you all the details you need about the different pathways to get residency and citizenship in Jeju Island here.
Can I legally rent out property on my visa in Jeju Island right now?
From a property-law standpoint, foreigners on Jeju Island can own and rent out residential property regardless of visa type, but your tax obligations and business registration requirements depend on your residency status.
You do not need to live in Korea to rent out property on Jeju Island, though non-residents face withholding requirements on rental income and should appoint a local property manager for practical reasons.
Short-term rentals on Jeju Island are subject to strict local tourism registration rules, and many apartment buildings have management bylaws that restrict or prohibit vacation-style rentals.
We cover everything there is to know about buying and renting out in Jeju Island here.
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How does the buying process actually work step-by-step in Jeju Island?
What are the exact steps to buy property in Jeju Island right now?
The standard process for buying property on Jeju Island in 2026 goes like this: find the property, verify the registry extract and zoning, sign the purchase contract with an initial deposit, complete foreign exchange notifications if you are transferring funds from abroad, file the acquisition report within 60 days, pay the balance, and register the ownership transfer at the registry office.
You do not need to be physically present for most steps if you grant a power of attorney to a lawyer or agent, and Invest KOREA explicitly allows POA filings for foreign buyers.
The step that makes the deal legally binding on Jeju Island is signing the purchase contract and paying the deposit, though your ownership is only fully protected once you complete registry registration.
From accepted offer to final registration, a typical Jeju Island property purchase takes 4 to 8 weeks, though complex cases involving land permission zones or mortgage approvals can stretch longer.
We have a document entirely dedicated to the whole buying process our pack about properties in Jeju Island.
Is it mandatory to get a lawyer or a notary to buy a property in Jeju Island right now?
Hiring a lawyer or notary is not legally mandatory to buy property on Jeju Island, because Korea's safety mechanism is the registry system and required government reports rather than notarial authentication.
The key difference is that a lawyer can advise you on the contract terms and represent your interests, while the registry office simply records the ownership transfer once all requirements are met.
If you hire a lawyer for a Jeju Island purchase, make sure the engagement scope explicitly covers reviewing the registry extract, confirming land-use restrictions, and handling the acquisition report filing on your behalf.
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 checks should I run so I don't buy a problem property in Jeju Island?
How do I verify title and ownership history in Jeju Island right now?
The official registry you should use to verify title and ownership history on Jeju Island is the Supreme Court Internet Registry Office, known as IROS, which holds all legally binding property records.
The key document to request is the registry extract (등기부등본), which shows the current registered owner, property identifiers, and any recorded mortgages or restrictions.
Most buyers on Jeju Island review at least 10 years of ownership history to check for unusual transfer patterns or unresolved claims, though some lawyers recommend going back further for rural land.
A clear red flag that should stop or pause your purchase is any seizure, attachment, or ongoing litigation notation in the registry extract, as these indicate the property may be subject to third-party claims.
You will find here the list of classic mistakes people make when buying a property in Jeju Island.
How do I confirm there are no liens in Jeju Island right now?
The standard way to confirm there are no liens or encumbrances on a Jeju Island property is to pull the official registry extract from IROS, where all mortgages, security interests, and seizure entries are recorded.
One common type of lien to specifically ask about on Jeju Island is any existing mortgage from the seller's original purchase, which must be cleared before or at closing.
The best proof of lien status is a fresh registry extract dated within a few days of closing, as new encumbrances can be registered between your initial check and the final transaction.
How do I check zoning and permitted use in Jeju Island right now?
The authority you should use to check zoning and permitted use on Jeju Island is the Government24 portal (gov.kr), where you can request an official Land Use Plan Confirmation certificate for any property.
The single document that confirms zoning classification is the Land Use Plan Confirmation certificate (토지이용계획확인서), which lists all overlays, restrictions, and permitted uses for the land.
A common zoning pitfall on Jeju Island is buying a scenic coastal or rural property without realizing it sits in a conservation zone where building extensions, guesthouses, or even certain renovations are prohibited.
Buying real estate in Jeju Island can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
Can I get a mortgage as a foreigner in Jeju Island, and on what terms?
Do banks lend to foreigners for homes in Jeju Island in 2026?
As of January 2026, yes, some Korean banks do lend to foreigners for home purchases on Jeju Island, but approval is significantly easier if you are a resident with an Alien Registration Card and provable local income.
Foreign borrowers on Jeju Island typically see loan-to-value ratios between 40% and 60%, meaning you should expect to provide a larger down payment than a comparable Korean borrower.
The single most common eligibility requirement is having an ARC and documented Korean income, as banks are much more conservative with non-residents or those relying solely on overseas earnings.
You can also read our latest update about mortgage and interest rates in South Korea.
Which banks are most foreigner-friendly in Jeju Island in 2026?
As of January 2026, the most foreigner-friendly banks for mortgages on Jeju Island are KB Kookmin Bank, Shinhan Bank, and Hana Bank, all of which have English support and standardized processes for ARC holders.
What makes these banks more foreigner-friendly is their experience processing expat applications, availability of English documentation, and willingness to consider foreign income documentation alongside local proof.
These banks generally require local residency (ARC) for mortgage approval, so non-residents without an ARC will find it very difficult to secure financing on Jeju Island.
We actually have a specific document about how to get a mortgage as a foreigner in our pack covering real estate in Jeju Island.
What mortgage rates are foreigners offered in Jeju Island in 2026?
As of January 2026, mortgage interest rates for foreigners on Jeju Island typically range from 4.2% to 5.8% annually, with the lower end available to strong resident borrowers and the higher end for less documented or higher-risk profiles.
Fixed-rate mortgages on Jeju Island usually carry a small premium of 0.3% to 0.5% over variable rates, though variable rates expose you to future increases if the Bank of Korea raises its benchmark.
We made this infographic to show you how property prices in South Korea compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What will taxes, fees, and ongoing costs look like in Jeju Island?
What are the total closing costs as a percent in Jeju Island in 2026?
Total closing costs for foreign buyers on Jeju Island in 2026 typically come to around 5.5% of the purchase price for a standard residential transaction.
The realistic range runs from about 4.5% to 7%, depending on property type, value, and whether you use legal or translation services.
The main fee categories that make up closing costs on Jeju Island include acquisition tax, local education surtax, rural special tax, brokerage commission, and small administrative fees for registry extracts and certificates.
Acquisition tax is usually the single biggest contributor, accounting for roughly 4% of the purchase price in most residential transactions on Jeju Island.
If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Jeju Island.
What annual property tax should I budget in Jeju Island in 2026?
As of January 2026, a typical mid-range owner-occupied home on Jeju Island costs between 1 million and 3.5 million won per year in property tax, which is roughly 700 to 2,400 USD or 650 to 2,200 EUR at current exchange rates.
Annual property tax on Jeju Island is assessed as a percentage of the property's official assessed value, with rates ranging from 0.1% to 0.4% depending on property type, plus a local education surtax.
How is rental income taxed for foreigners in Jeju Island in 2026?
As of January 2026, rental income earned by foreigners on Jeju Island is taxed under Korea's progressive individual income tax system, with effective rates that can range from around 6% to over 40% depending on total income, though most small landlords fall into the lower brackets.
Non-resident foreign owners typically face withholding at source on their rental income, while tax residents must file annual returns declaring Korean and worldwide income.
What insurance is common and how much in Jeju Island in 2026?
As of January 2026, a standard home insurance policy on Jeju Island costs between 200,000 and 600,000 won per year for apartments and villas, or roughly 140 to 420 USD and 130 to 390 EUR, while detached houses typically run 400,000 to 1.2 million won annually.
The most common type of property insurance coverage on Jeju Island is fire and property damage insurance, which is often bundled through the building's management office for apartment units.
The biggest factor that makes insurance premiums higher or lower on Jeju Island is exposure to typhoon and windstorm risk, so coastal properties and detached houses often pay more for adequate coverage.
Get the full checklist for your due diligence in Jeju Island
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Jeju Island, we always rely on the strongest methodology we can … and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Invest KOREA (KOTRA) Foreign Land Acquisition Guide | Korea's government-backed trade and investment agency, used by foreign investors as a primary reference. | We used it to explain the core legal framework (FLAA/FETA/FIPA) and the 60-day reporting rule. We also used it to distinguish notification versus permission zones on Jeju Island. |
| Invest KOREA Procedures and Required Documents | Official guidance that turns the laws into actionable steps and document checklists. | We used it to map the step-by-step buying process for Jeju Island. We relied on it to clarify differences between resident and non-resident foreign buyers. |
| Invest KOREA Applicable Taxes | Government agency guidance summarizing key Korean real estate taxes in one place. | We used it to estimate closing costs and annual property tax ranges on Jeju Island. We used it as the baseline for our percentage estimates. |
| Invest KOREA Brokerage Commission Caps | Official source for regulated commission ceilings and rate tables in Korea. | We used it to include brokerage fees in total closing cost estimates. We explained why Jeju Island fees are typically under 1%, not 3 to 6% like some countries. |
| Seoul Metropolitan Government Purchasing Real Estate | Major Korean government portal summarizing foreigner-specific legal regimes. | We used it to cross-check that the same legal pillars apply on Jeju Island as in Seoul. We used it as a sanity check alongside Invest KOREA. |
| Korea Law Translation Center (KLRI) Real Estate Transactions Act | Official English statute viewer widely used for Korean legislation references. | We used it to anchor the concept that Korea runs a reporting and permission system. We used it to justify why reporting steps matter legally on Jeju Island. |
| Supreme Court Internet Registry Office (IROS) | Supreme Court portal for official real estate registry records in Korea. | We used it to show how buyers verify ownership, mortgages, and liens on Jeju Island. We referenced it as the authoritative truth source for title status. |
| Government24 Land Use Plan Confirmation | Korea's integrated e-government portal for civil service requests. | We used it to explain how buyers verify zoning and land-use restrictions on Jeju Island. We referenced it as the step-by-step guide for requesting official certificates. |
| Bank of Korea Base Rate | Central bank is the primary authority on Korea's policy rate. | We used it to connect policy rates to mortgage pricing on Jeju Island. We used it as the rate backdrop for our January 2026 estimates. |
| Reuters Bank of Korea Coverage | Top-tier global wire reporting directly on central bank decisions. | We used it to confirm the benchmark rate level around late 2025. We relied on it to avoid guessing the macro baseline for Jeju Island lending. |
| Korea Housing Finance Corporation (HF) Didimdol Rates | Government-linked housing finance institution publishing official program rates. | We used it as a real, published rate anchor for Korean mortgage pricing. We noted the non-metropolitan discount relevant to Jeju Island buyers. |
| KB Kookmin Bank Loan Documentation | One of Korea's largest banks showing required mortgage paperwork. | We used it to verify that banks require an Alien Registration Card for mortgage approval. We used it to support the foreigner-friendly banks section with a primary source. |
| Chosun Biz Foreign Purchase Rules Update | Major Korean outlet citing government action and dates on regulatory changes. | We used it to flag that rules tightening for foreigners were announced in December 2025 with effect in February 2026. We used it as a forward-looking caution for Jeju Island buyers. |
| General Insurance Association of Korea (KNIA) | Industry reference institution for Korean non-life insurance standards. | We used it to determine standard coverage categories for Jeju Island home insurance. We triangulated typical premium bands for residential fire and property policies. |
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of South Korea. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
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