Get all the data you need about the real estate market in Jeju Island
SUMMARY
Homes in Jeju Island are generally a ₩300 million to ₩400 million market today, with the latest apartment transactions averaging about ₩328 million across the island, roughly ₩346 million in Jeju City and ₩281 million in Seogwipo.
The biggest pricing split is not simply Jeju City versus Seogwipo. It is between ordinary resale homes that still clear at local-market prices and some new developments launched at levels far above what buyers have been willing to accept.
Seogwipo is about 19% cheaper than Jeju City on the latest apartment averages, but that gap disappears quickly in its better modern districts. Gangjeong, for example, can overlap with solid Jeju City pricing.
A ₩200 million budget still works in Jeju, mostly for older apartments, villas and less central stock. Around ₩300 million, the market opens up much more and buyers can find family-sized homes in both Jeju City and Seogwipo.
The island is still correcting after the 2021 boom. Four consecutive annual apartment-price declines have taken the broad index roughly 10% below its end-2021 level, before adding this year's further weakness.
The pressure is especially visible in new housing: Jeju has 3,303 unsold homes, and 2,364 of them are already completed. That finished inventory gives developers much more reason to negotiate than a normal owner in a proven resale complex.
Large discounts are real, but they are concentrated. A weak project can be repriced by hundreds of millions of won, while established Jeju City apartments still close at ₩500 million, ₩600 million and above.
The premium market is thin. Jeju City's current apartment high is around ₩1.24 billion, while Seogwipo's is around ₩760 million, but those deals sit far above the much larger ₩200 million-to-₩500 million part of the market.
Detached houses can look cheap next to better apartments, with some middle-market examples around ₩250 million to ₩350 million. But the comparison is messy because land value, renovation, road access, utilities and car dependence can matter as much as the building itself.
A broad Jeju rebound still looks early. The healthier sequence would be fewer completed unsold homes, stronger transaction volume and several months of stable prices before there is a convincing case that the island-wide correction has ended.
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How expensive are homes in Jeju Island now?
How much does a home in Jeju Island actually cost now?
A normal Jeju Island apartment currently costs around ₩300 million to ₩400 million, although the home you get for that money changes dramatically depending on whether you are in Jeju City, Seogwipo or one of the island's rural areas.
The latest actual-transaction records put the 2026 average apartment sale at about ₩328 million across Jeju. Jeju City is higher at roughly ₩346 million, while Seogwipo averages around ₩281 million.
Those figures are useful starting points, but Jeju has an unusually wide price range. An older apartment in Seogwipo can still sell for well below ₩200 million. Modern family apartments in good parts of Jeju City commonly reach ₩500 million to ₩700 million. A handful of large apartments have crossed ₩1 billion.
That spread is why a single “average Jeju house price” is a bit misleading. Apartments are much easier to compare because the same floor plans trade repeatedly. Detached homes depend heavily on the land underneath them, while new developments can be priced hundreds of millions of won above nearby resale stock.
For a buyer today, ₩300 million to ₩400 million is the useful middle of the market. ₩500 million-plus opens much better modern choices, while ₩1 billion is already firmly at the premium end.
| Jeju housing market | Current useful benchmark | What that usually buys | Current upper end |
|---|---|---|---|
| Jeju apartments overall | ~₩328m average | Mainstream resale apartment | >₩1bn |
| Jeju City apartments | ~₩346m average | Better urban selection | ₩1.24bn |
| Seogwipo apartments | ~₩281m average | Broader affordable selection | ₩760m |
| Older apartments | Often <₩200m | Older or less central stock | Varies widely |
How expensive are apartments in Jeju City now?
Most Jeju City apartments today sit somewhere between ₩300 million and ₩600 million, but a good modern family apartment can easily cost ₩500 million or more.
Actual transactions recorded so far this year average about ₩346 million across Jeju City. That includes everything from small older units to some of the island's most expensive apartments, so the average is best treated as an entry point rather than a typical budget for a newer 84-square-meter home.
The latest transactions show the range clearly. A 45.9-square-meter unit at Buyeong 2-cha recently sold around ₩320 million. An 84.5-square-meter apartment at Hwabuk Jugong 1 changed hands for ₩393 million. Other recent 84-square-meter homes outside the strongest central districts have sold in the low ₩300 millions.
Better-established family complexes cost much more. Ido Hanil Verace has produced transactions around ₩690 million for approximately 85 square meters and around ₩730 million for larger units. Samhwa-area modern apartments have also regularly traded around ₩500 million or above.
The top of the Jeju City market is much thinner. A 119-square-meter apartment at Daelim e-Pyeonhansesang 2-cha in Yeon-dong sold for ₩1.24 billion this year. Another large unit in the same complex reached ₩1.2 billion.
So somebody searching for a decent Jeju City apartment with ₩300 million still has options. Somebody expecting a newer 84-square-meter home in one of the better residential areas should think more in terms of ₩450 million to ₩700 million.
| Recent Jeju City example | Size | Recorded price | What it shows |
|---|---|---|---|
| Buyeong 2-cha | 45.9㎡ | ~₩320m | Smaller mainstream apartment |
| Hwabuk Jugong 1 | 84.5㎡ | ₩393m | Older family-sized stock |
| Ido Hanil Verace | ~84.9㎡ | ~₩690m | Strong central-city premium |
| Daelim e-Pyeonhansesang 2-cha | 119.3㎡ | ₩1.24bn | Very top of the apartment market |
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Is Seogwipo much cheaper than Jeju City?
Yes, Seogwipo apartments are currently around 19% cheaper on average than Jeju City apartments, although the better new developments can still cost ₩400 million to ₩600 million.
The latest 2026 transaction database shows an average of about ₩281 million across Seogwipo versus ₩346 million in Jeju City. The difference is roughly ₩65 million on the average transaction.
Inside Seogwipo, the gaps are even bigger. Donghong-dong averages around ₩225 million, while Gangjeong-dong is close to ₩458 million. Jungmun is around ₩304 million.
Individual transactions make the difference easier to picture. A 59.98-square-meter apartment in the Seogwipo Innovation City LH complex recently sold for ₩295 million. An 84.96-square-meter apartment at Dongho Atrium sold for ₩355 million. Stronger modern developments in Gangjeong have reached ₩500 million to ₩600 million, with the city's current apartment high at ₩760 million.
Cheaper stock is still plentiful too. Recent Seogwipo transactions include 50-to-85-square-meter apartments around ₩100 million to ₩200 million, particularly in older complexes.
Jeju City remains the more expensive market overall because it has the island's biggest employment center, airport access and a deeper concentration of high-priced apartment complexes. Seogwipo offers a much wider affordable tier, even though its best neighborhoods can overlap with Jeju City pricing.
| Seogwipo area | 2026 average transaction price | Position in the city | Current high |
|---|---|---|---|
| Seogwi-dong | ~₩125m | Cheap | ~₩258m |
| Donghong-dong | ~₩225m | Lower-middle | ~₩480m |
| Jungmun-dong | ~₩304m | Middle | ~₩570m |
| Gangjeong-dong | ~₩458m | Expensive | ₩760m |
What can ₩200 million or ₩300 million buy in Jeju today?
₩200 million can still buy a Jeju apartment, while ₩300 million gives buyers a genuinely broad choice, especially if they are flexible about age or location.
Below ₩200 million, the market is mostly older stock. In Seogwipo, 50-to-85-square-meter apartments from the 1990s and early 2000s still trade around ₩100 million to ₩180 million. A recent 84.9-square-meter apartment built in 1990 sold for ₩167 million. Smaller units have changed hands for well below ₩100 million.
Jeju City also has sub-₩200 million apartments, although fewer of them fit the modern family-home profile. Older villas and row houses widen the selection further: recent transactions include homes around ₩65 million, ₩95 million and ₩133 million.
At ₩300 million, the options get much better. Buyers can find 60-to-85-square-meter apartments in both cities, including some homes built during the past decade. Recent examples include an 84.93-square-meter Jeju City apartment at about ₩302 million and an 84.67-square-meter unit at ₩315 million.
The trade-off becomes obvious above this level. Many stronger modern complexes in Jeju City quickly move into the ₩400 million, ₩500 million and ₩600 million bands.
So ₩200 million is still a legitimate Jeju housing budget these days, but it usually means accepting an older building. Around ₩300 million, the buyer has far more room to choose.
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Are Jeju home prices still falling now?
Yes, Jeju apartment prices are still falling, and the island has yet to show a convincing turnaround.
Korea Real Estate Board data show that Jeju's apartment market remained in negative territory through the latest official readings. In the first week of the previous month, for example, Jeju apartment prices fell another 0.06% while the national index rose.
The weakness has lasted a long time. Jeju apartment prices jumped 20.13% in 2021, then fell about 1.38% in 2022, 4.76% in 2023, 2.40% in 2024 and 2.21% in 2025.
Compounding those four annual declines wipes roughly 10% off the end-2021 price level before this year's additional weakness is included.
The correction has also gone beyond apartments. Korea Real Estate Board monthly figures have recently shown falling prices across apartments, row houses and detached homes.
Jeju has therefore been moving against much of the stronger Korean housing market lately. Buyers are still dealing with a correction, rather than chasing another island-wide price boom.
| Period | Jeju apartment price change | Market phase | What happened |
|---|---|---|---|
| 2021 | +20.13% | Boom | Prices surged |
| 2022 | -1.38% | Early correction | Boom ended |
| 2023 | -4.76% | Sharp correction | Biggest annual decline |
| 2024 | -2.40% | Continued decline | No rebound |
| 2025 | -2.21% | Continued decline | Fourth straight down year |
| Latest weekly readings | Still negative | Weak | Recovery remains elusive |
How much have Jeju home prices actually fallen from the peak?
Jeju apartment prices are roughly 10% below their end-2021 level on the broad index, but some badly priced developments have lost far more.
The island-wide index gives us the cleanest picture of the overall correction. Four consecutive annual declines after the 2021 boom compound to around 10%.
Individual projects can be much uglier because they started from unrealistic prices. In Aewol, one newly built development was originally marketed in the ₩600 million range, then offered in the ₩400 millions and eventually in the ₩300 millions. Local broadcaster KCTV reported that the later pricing was roughly 40% below the original level.
Another Jeju City project with 168 units had reportedly sold only four homes before moving toward bulk auction. An Aewol development with 425 apartments reached the point where 424 were unsold and the project entered a public-sale process.
Those cases are extreme, so they are not a benchmark for a normal resale apartment. They do show how badly a weak Jeju project can reprice when the original developer price has little connection with what local buyers will pay.
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Why do some new Jeju apartments still cost close to ₩1 billion?
Some new Jeju apartments are still asking close to ₩1 billion because high land and construction costs pushed launch prices far above the resale market, and buyers have largely refused to follow.
That disconnect has become one of the strangest parts of Jeju housing today. Private-apartment presale data compiled through the Korea Real Estate Board jumped sharply when several expensive projects entered the calculation. Standard 84-square-meter units at some developments have been marketed around ₩1.1 billion.
Compare that with actual resale transactions. The island-wide apartment average is around ₩328 million. Even good modern family apartments in established parts of Jeju City frequently trade between roughly ₩450 million and ₩700 million.
A new apartment deserves some premium for newer construction, parking, facilities and lower maintenance. Paying several hundred million won extra is harder to justify when comparable resale homes are readily available.
Buyers seem to agree. First-priority subscription demand in Jeju recently averaged just 0.16 applicants per available apartment, according to subscription-market data. The ratio has remained below one for an extended period.
So the headline price of a new Jeju apartment can tell us more about the developer's cost base than about the price at which the wider housing market clears.
How bad is Jeju's unsold-home problem now?
Jeju's unsold-home problem is currently at a record level, and the latest jump makes it much harder to argue that weak demand is temporary.
The newest Ministry of Land housing statistics show 3,303 unsold homes across Jeju. That was up from 2,909 one month earlier, an increase of 394 homes or 13.5%.
The increase is unusually large. Jeju added 603 unsold homes in just three months. The island alone accounted for more than half of the latest nationwide monthly increase in unsold housing.
The bigger problem is that 2,364 of Jeju's unsold homes are already completed. That is 71.5% of the total. These are finished properties waiting for buyers rather than apartments that developers are simply trying to sell several years before completion.
Jeju City accounts for 2,299 unsold homes and Seogwipo for 1,004. Previous breakdowns have shown much of the pressure concentrated in outer areas such as Aewol, Daejeong, Andeok, Hankyeong and Jocheon.
This amount of finished inventory changes the balance of power. Developers with completed empty apartments face interest costs and pressure to move stock, which creates opportunities for discounts that would be much harder to get from an owner in a popular established complex.
| Jeju unsold housing | Latest level | Change | Why it stands out |
|---|---|---|---|
| Total unsold homes | 3,303 | +13.5% in one month | Record high |
| Completed unsold homes | 2,364 | Still rising | 71.5% of total |
| Jeju City | 2,299 | Majority of stock | Largest concentration |
| Seogwipo | 1,004 | Significant | Smaller market carrying substantial inventory |
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Can buyers negotiate big discounts on Jeju homes now?
Yes, Jeju buyers can currently negotiate very aggressively on some new or poorly selling properties, while good resale apartments remain much harder to discount.
The seller matters as much as the neighborhood. A developer sitting on dozens or hundreds of completed empty apartments has loan interest, maintenance costs and cash-flow pressure. A homeowner in a popular Jeju City complex may simply decide not to sell if the offer is too low.
We can see both markets operating at the same time. Established Jeju City apartments continue to close at ₩500 million, ₩600 million and above. Meanwhile, several weak new developments have cut prices by hundreds of millions of won or ended up in auction and public-sale processes.
Broad statements such as “Jeju sellers are desperate” miss the point. The real bargains are concentrated where inventory is high, the initial price was too ambitious or the location has struggled to attract permanent buyers.
For someone shopping now, checking how many units a developer still owns can be more useful than looking at the project's advertised discount.
Are detached houses in Jeju cheaper than apartments?
Detached houses can be cheaper than good Jeju apartments, but buying a standalone home on the island is really a land purchase as much as a housing purchase.
Recent Jeju detached-house transactions cover an enormous range, from homes below ₩100 million to properties worth well above ₩1 billion. A typical middle-market house can still fall around the ₩250 million to ₩350 million area.
One recent Aewol example involved a house built in 2017 on roughly 250 square meters of land selling for about ₩303 million. That is less than many modern family apartments in central Jeju City.
Location quickly changes the calculation. A small old building on valuable urban land can sell for more than a newer rural house because buyers are pricing the plot, redevelopment potential and commercial usefulness. Coastal views and tourism-oriented locations can push the land component up sharply too.
Cheap rural houses can also come with costs that do not appear in the purchase price: renovation, car dependence, septic systems, heating and fewer nearby services.
So a ₩300 million detached house in Jeju is perfectly realistic today. Whether it represents better value than a ₩300 million apartment depends heavily on the land and condition of the property.
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How expensive is the top end of Jeju's housing market?
Jeju's premium apartment market starts around ₩700 million and can exceed ₩1 billion, but very few homes trade at that level compared with the broader ₩200 million-to-₩500 million market.
The current apartment high for Jeju is ₩1.24 billion for a 119.3-square-meter unit at Daelim e-Pyeonhansesang 2-cha in Yeon-dong. A 139.5-square-meter apartment in the same complex sold for ₩1.2 billion.
Another recent Jeju City sale shows that the ₩1 billion tier is still active: a 126-square-meter apartment at Hanwha sold for ₩1.02 billion.
Below that, the stronger established complexes often cluster in the ₩600 million-to-₩800 million range for larger or better-positioned homes.
Seogwipo's conventional apartment ceiling is currently lower. Its most expensive recorded apartment transaction this year is around ₩760 million in Gangjeong.
These deals are useful for defining Jeju's ceiling, but they should never be mistaken for the typical island price. An apartment can cost ₩1.2 billion in Jeju while the average transaction remains below ₩330 million.
Are Jeju homes still overpriced for the demand that exists?
Parts of Jeju's new-build market are clearly too expensive for today's demand, while ordinary resale pricing is much harder to call broadly overpriced.
The strongest evidence comes from what buyers are actually doing. Jeju's new-apartment subscription rate recently sat around 0.16 applicants for every available home. Developers are therefore struggling to attract even one first-priority applicant per unit on average.
Prices in the resale market tell a different story. Hundreds of transactions still happen at ₩200 million, ₩300 million and ₩400 million, which means buyers continue to accept those levels when the home and location make sense.
The break appears higher up the price ladder. When developers ask ₩800 million, ₩900 million or more for standard family apartments outside Jeju's most proven locations, demand drops sharply.
As seen above, the result is visible in the record stock of completed unsold homes. Buyers have become much less willing to accept the premium developers need to cover expensive land and construction.
Some new Jeju projects are overpriced today. That does not mean the whole island is.
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Could Jeju home prices start rising again soon?
A strong Jeju-wide housing rebound still looks unlikely for now, although the better neighborhoods could stabilize long before the weakest projects do.
Jeju has several things working against an immediate recovery. Prices are still falling, new-home demand is extremely soft and developers have a large backlog of finished apartments to clear.
The latest national context makes Jeju's weakness stand out even more. Korea Real Estate Board figures have recently shown national apartment prices rising while Jeju remains among the declining regions. The island is missing a rebound that has already reached parts of the mainland.
Supply should eventually adjust. Developers will build fewer homes when they cannot sell existing projects, while Jeju's strongest urban districts still have genuine owner-occupier demand.
The first signs of recovery should be boring: fewer unsold completed homes, more transactions and several months where prices stop falling. Until those appear together, calling a new Jeju housing boom would be far too early.
So, how expensive are homes in Jeju Island now?
Jeju Island homes are currently much cheaper than the island's most expensive listings suggest: around ₩300 million to ₩400 million covers the heart of the apartment market, while ₩500 million to ₩700 million buys into the better modern family-home tier.
The latest actual transactions put the overall apartment average near ₩328 million. Jeju City is around ₩346 million and Seogwipo around ₩281 million.
Below ₩200 million, there are still plenty of older apartments and villas. Around ₩300 million, buyers have a real choice of homes. At ₩500 million, the selection of modern, well-located apartments becomes much stronger. Above ₩700 million, we are already entering Jeju's premium apartment segment, and deals above ₩1 billion remain exceptional.
New construction is where prices get much harder to defend. Some developments have tried to sell standard family apartments close to ₩1 billion despite a much cheaper resale market and very weak subscription demand.
The current correction also gives buyers more leverage than they had during the 2021 boom. Jeju prices have been falling for several years, and developers in weaker locations are carrying unusually large inventories of finished homes.
So if someone asks how expensive Jeju homes are today, ₩300 million to ₩400 million is the number we would start with rather than the eye-catching ₩1 billion launches. The island still has expensive pockets, but Jeju as a whole is no longer priced like a market where buyers have to chase whatever comes onto the market.
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OUR METHODOLOGY
This analysis separates Jeju's housing market into the parts that can otherwise get mixed together: actual resale transactions, Jeju City versus Seogwipo, affordable and premium price bands, detached housing, new-build launch pricing, recent price direction, subscription demand and unsold inventory.
Registered transactions carry the most weight when we discuss what homes actually cost. We use the Ministry of Land, Infrastructure and Transport's Actual Transaction Price Disclosure System to anchor apartment, villa, row-house and detached-house prices, while individual high-end transactions are used mainly to define the top of the market rather than the typical price.
For market direction, we rely on Korea Real Estate Board house-price indices and recent weekly apartment readings. The multi-year price series is used to measure the correction from the 2021 boom, while the latest weekly data help show whether that correction has actually stopped.
New-build pricing is tested against buyer behavior rather than taken at face value. Cheongyak Home subscription results, first-priority competition rates and remaining-unit offerings are used to see whether buyers are accepting launch prices, while Ministry of Land housing statistics provide the latest total and completed unsold-home figures.
Local discount and failed-project examples are treated as stress cases, not as normal market benchmarks. They are useful for showing how far a badly priced development can reprice, but they do not replace transaction evidence from established resale complexes.
Key sources include the Ministry of Land, Infrastructure and Transport Actual Transaction Price Disclosure System, the Ministry's July 2026 housing statistics and June 2026 housing statistics, the MOLIT unsold new-housing statistical series, the Korea Real Estate Board National Survey of House Price Trends, recent Korea Real Estate Board weekly apartment-price releases, Cheongyak Home apartment subscription data, Cheongyak Home remaining-unit sales data, Yonhap reporting on Jeju's first-priority subscription rate, and KCTV Jeju reporting on project discounting and unsold inventory.
Get to know the market before buying a property in Jeju Island
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