Get all the data you need about the real estate market in Jeju Island
SUMMARY
Buying land in Jeju Island currently costs roughly ₩250,000–₩600,000 per pyeong for basic rural farmland, around ₩600,000–₩1.5 million for better rural or partly development-ready land, roughly ₩1.5 million–₩3.5 million for attractive buildable or coastal plots, and as much as ₩8 million per pyeong or more for prime Jeju City sites.
The biggest price gaps are usually explained by what a parcel can actually do, not by the name of the area. Road access, zoning, sewage, utilities, registered land category and realistic construction rights can move nearby plots several times apart in price.
Cheap farmland is still genuinely available, especially in Daejeong and other inland parts of western Jeju. But cheap farmland only stays cheap if the intended use fits farmland rules; conversion, access and construction work can wipe out much of the apparent discount.
Parcel size has a big effect on the quoted price per pyeong. Smaller ready-to-use plots often look expensive on a unit basis because the total ticket stays manageable, while large agricultural parcels need a much lower unit price to attract buyers.
Western Jeju remains the easiest place to find low-cost acreage, but it is not uniformly cheap. Inland Daejeong, Hallim and Hangyeong can still sit below ₩1 million per pyeong, while Aewol and prime beach locations quickly move into the ₩2 million–₩3.5 million range or higher.
Jeju City is a separate tier. Ordinary residential sites can already cost a few million won per pyeong, while strong road exposure and commercial potential can push land around Nohyeong and other urban locations toward ₩8 million per pyeong.
The broader market currently favors buyers more than sellers. Jeju land values fell 0.46% in the latest first half after declines in 2023, 2024 and 2025, even as national and Seoul land prices kept rising.
That weakness makes asking prices less trustworthy on their own. Sellers can still anchor to boom-era expectations, so nearby completed transactions with similar zoning, size and road conditions matter more than a glossy listing price.
Foreigners can buy land in Jeju, and foreign ownership is already substantial, but agricultural land deserves extra scrutiny. Farmland acquisition rules, conversion requirements and special approvals in designated areas can change whether a cheap parcel is actually buyable or usable.
The best land to pay up for today is land where the expensive parts have already been solved: legal road frontage, workable zoning, utilities, sewage and credible building rights. In a falling market, vague future potential deserves a discount; verified usability deserves the premium.
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What does it cost to buy land in Jeju Island?
How much does land in Jeju Island actually cost now?
Jeju Island land currently ranges from roughly ₩250,000 per pyeong for some large rural fields to ₩8 million per pyeong or more for prime urban sites, with most usable land falling somewhere between those extremes.
One pyeong equals about 3.3 m². At the cheaper end of the current market, we found large agricultural parcels in Daejeong advertised around ₩250,000–₩400,000 per pyeong. Land with better access, utilities or more useful zoning often moves into the ₩600,000–₩1.5 million range. Smaller buildable plots in established residential or coastal areas can easily reach ₩1.5 million–₩3.5 million.
Jeju City operates on another level. Current sites around Nohyeong and other strong urban locations can run from roughly ₩2 million to ₩8 million per pyeong depending on road exposure, zoning and commercial potential.
That spread tells us more than an island-wide average ever could. Someone buying 1,000 pyeong of farmland is shopping in a completely different market from someone looking for 150 pyeong to build a house.
| Type of Jeju land | Rough current asking price/pyeong | Approx. price/m² | Typical situation |
|---|---|---|---|
| Large rural farmland | ₩250,000–₩600,000 | ₩76,000–₩182,000 | Inland fields, large parcels |
| Better rural/buildable land | ₩600,000–₩1.5m | ₩182,000–₩455,000 | Roads, utilities, management zones |
| Residential/coastal land | ₩1.5m–₩3.5m | ₩455,000–₩1.06m | Smaller usable plots, established villages |
| Prime urban/commercial land | ₩3.5m–₩8m+ | ₩1.06m–₩2.42m+ | Jeju City, major roads, scarce sites |
Why can two Jeju plots nearby have completely different prices?
Two Jeju Island plots only a few kilometres apart can differ fivefold because the expensive parcel often gives the buyer far more freedom to actually use the land.
Daejeong shows the gap clearly. Current agricultural listings can sit around ₩250,000–₩400,000 per pyeong. Yet land closer to Jeju English Education City has been marketed around ₩2.8 million per pyeong, while a small coastal-road parcel in Sindo-ri approached ₩2.9 million.
The distance between those sites does not explain a seven- or tenfold difference. Their legal and practical characteristics do. Planning zone, registered land category, road access, public sewage, parcel size and the type of building that can realistically be approved all change what a buyer is getting.
The same pattern appears elsewhere. In northern Jeju, we found a large planned-management parcel in inland Seonheul around ₩850,000 per pyeong, a smaller Gyorae parcel with utilities around ₩1.45 million, and better-positioned village land above ₩2 million.
For Jeju land, location names such as Aewol or Daejeong only get us part of the way. The individual parcel usually explains the rest.
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How cheap is cheap farmland in Jeju Island?
Cheap Jeju farmland still exists today, and prices around ₩250,000–₩500,000 per pyeong are possible in parts of western and inland Jeju.
Current Daejeong listings give us several concrete examples. Around 625 pyeong in Boseong-ri was advertised at roughly ₩250,000 per pyeong. About 1,300 pyeong in Mureung-ri appeared around ₩300,000. Another 600-pyeong agricultural site in Sangmo-ri was close to ₩350,000, while more than 1,300 pyeong in Ilgwa-ri was asking roughly ₩400,000.
At those prices, the total budgets can look surprisingly low. Five hundred pyeong at ₩300,000 costs ₩150 million, giving the buyer about 1,650 m² of land.
The catch comes from what that land can be used for. Korea's Farmland Act generally ties agricultural land ownership to agricultural management, subject to specific exceptions, and a farmland acquisition qualification certificate can be required. Changing the use of agricultural land brings another set of rules and possible conversion costs.
So ₩300,000-per-pyeong farmland can genuinely be cheap if the buyer wants farmland. It becomes much less obviously cheap when the plan is to build a house, pension or café.
| Current western Jeju examples | Approx. area | Asking price/pyeong | Approx. total price |
|---|---|---|---|
| Boseong-ri, Daejeong | 625 pyeong | ₩250,000 | ₩156m |
| Mureung-ri, Daejeong | 1,300 pyeong | ₩300,000 | ₩390m |
| Sangmo-ri, Daejeong | 600 pyeong | ₩350,000 | ₩210m |
| Ilgwa-ri, Daejeong | 1,322 pyeong | ₩400,000 | ₩529m |
How much more does buildable land cost in Jeju?
Buildable Jeju land can cost two, three or even five times more per pyeong than nearby farmland, and the premium often makes sense.
In Daejeong, agricultural parcels can still appear below ₩500,000 per pyeong. A second-class general residential parcel in Sangmo-ri, by comparison, has been marketed around ₩1.3 million. Smaller development-oriented plots near stronger destinations have moved closer to ₩2 million–₩3 million.
Northern Jeju gives us another useful comparison. A natural-green field in Yongsu with electricity, water, sewage access and a road was offered around ₩800,000 per pyeong. A smaller planned-management parcel in Gyorae with utilities was about ₩1.45 million. A registered building site in Nohyeong's Wolsan village was roughly ₩2.3 million.
Buyers are paying to remove problems. A legal road, confirmed utilities and realistic construction rights can save years of uncertainty and a substantial amount of money.
This is also where parcel size starts affecting the numbers. Small, ready-to-use sites often command more per pyeong because the total purchase price remains manageable. A 100-pyeong plot at ₩2 million costs ₩200 million; a 1,000-pyeong parcel at the same rate requires ₩2 billion and has a much smaller buyer pool.
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What does land cost around Aewol now?
Good land in Aewol currently tends to cost well above the bargain prices people still associate with rural Jeju, with usable parcels around established areas often reaching ₩2 million–₩3 million per pyeong.
One current Aewol-ri example involved roughly 679 pyeong marketed for ₩1.7 billion, or around ₩2.5 million per pyeong. The site had road access and sat close to existing commercial and residential activity.
Aewol's price premium has been built over years rather than appearing lately. The area combines access to Jeju City and the airport with cafés, accommodation, established villages and some of the island's best-known western coastline. That brings residential, tourism and commercial buyers into the same market.
There is still cheaper land farther inland, so “Aewol costs ₩2.5 million per pyeong” would be far too simplistic. But someone looking for a straightforward, well-located building site should no longer build a budget around ₩1 million per pyeong.
Is western Jeju still the cheapest place to buy land?
Western Jeju still offers some of the island's cheapest land, although the discount disappears quickly around attractive beaches, established villages and ready-to-build sites.
Daejeong remains one of the clearest places to find agricultural land below ₩500,000 per pyeong. Parts of Hangyeong and inland Hallim can also stay below ₩1 million.
We found a 454-pyeong site around Yongsu-ri in Hangyeong marketed at roughly ₩800,000 per pyeong with road and utility access. An inland Hallim parcel in Sangmyeong-ri was close to ₩790,000.
Drive toward the strongest coastline and the numbers change fast. A roughly 195-pyeong site near Geumneung Beach was offered around ₩700 million, or about ₩3.6 million per pyeong. Aewol sites with strong access can exceed ₩2 million as well.
Western Jeju gives buyers the widest choice rather than universally cheap land. A field twenty minutes inland and a small plot beside one of the west coast's popular beaches barely belong to the same market.
| Western Jeju area/example | Approx. asking price/pyeong | Setting | What pushes the price |
|---|---|---|---|
| Mureung-ri, Daejeong | ₩300,000 | Inland | Large agricultural parcel |
| Sangmyeong-ri, Hallim | ₩790,000 | Inland village | More useful planning context |
| Yongsu-ri, Hangyeong | ₩800,000 | Near coast | Road and utilities |
| Aewol-ri | ₩2.5m | Established area | Access, demand, infrastructure |
| Geumneung-ri, Hallim | ₩3.6m | Prime coast | Beach proximity and residential use |
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How expensive is land in Jeju City?
Jeju City land currently starts around a few million won per pyeong for decent residential sites and can approach ₩8 million or more where commercial road exposure becomes valuable.
Recent Nohyeong-area listings show the progression. A village building site was around ₩2.3 million per pyeong. Land south of the Ara residential area appeared closer to ₩2.9 million, while another larger site near Ara was asking around ₩3 million.
Roadside and commercially exposed parcels climb much higher. Sites around Halla Arboretum have been marketed in roughly the ₩4 million–₩5 million range. One small Nohyeong parcel on a major road was close to ₩8 million per pyeong.
At that point, buyers are paying for urban scarcity, traffic and commercial potential alongside the land itself. The difference between ₩2.5 million and ₩8 million within Jeju City can make perfect sense if one parcel works mainly as residential land while another gives a business direct exposure to a major road.
Does being near the beach make Jeju land expensive?
Jeju land near the beach can command a large premium, but distance from the water alone does surprisingly little.
We see this particularly clearly in western Jeju. Agricultural parcels a short drive from the coast can remain below ₩1 million per pyeong. A small plot directly beside a coastal road in Sindo-ri approached ₩2.9 million, while residentially zoned land near Geumneung Beach has been marketed above ₩3.5 million.
The premium tends to become much stronger when several advantages overlap: usable road frontage, a protected or difficult-to-block view, nearby tourism activity and zoning that allows the buyer to make practical use of the site.
That distinction is important on an island where “ocean view” appears in countless advertisements. A glimpse of the sea from an agricultural field does not have the same economic value as a scarce coastal parcel where another building cannot easily remove the view.
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Are Jeju land prices falling right now?
Yes. Jeju land prices are still falling, and the latest data make the island one of South Korea's clearest property-market outliers.
According to the Ministry of Land, Infrastructure and Transport and the Korea Real Estate Board, Jeju land values fell 0.46% in the latest first half. South Korean land prices rose 1.22% over the same period, while Seoul gained 2.32%. Jeju was the only one of the country's 17 province-level markets to record a decline.
More importantly, this has become a pattern. Jeju land values rose 1.89% in 2022, then fell 0.41% in 2023, 0.58% in 2024 and 0.77% in 2025 before declining again in the latest half-year data.
Transactions are weak too. Recent Jeju reporting based on Ministry data puts first-half land transaction volume roughly 35.5% below the average of the previous five comparable periods.
Population has also stopped providing the tailwind Jeju enjoyed during its boom years. Jeju Province's population platform puts the island's total population, including registered foreigners, at about 700,700 in 2023, 698,400 in 2024 and 693,300 in 2025. The latest monthly reading is closer to 691,000.
Sellers can still ask several million won per pyeong for good land. But the broader island market currently gives buyers much more room to negotiate than the national headlines would suggest.
| Jeju market indicator | Latest reading | What it tells us |
|---|---|---|
| Latest first-half land-price change | -0.46% | Jeju is still falling |
| South Korea, same period | +1.22% | National land market is rising |
| Seoul, same period | +2.32% | Strong contrast with Jeju |
| Jeju full-year 2023 | -0.41% | Downturn started earlier |
| Jeju full-year 2024 | -0.58% | Decline continued |
| Jeju full-year 2025 | -0.77% | Weakness accelerated |
| Jeju population, 2023 | ~700,700 | Recent high |
| Jeju population, 2025 | ~693,300 | About 7,400 fewer in two years |
Can we trust Jeju land asking prices?
Jeju land asking prices are useful for understanding what sellers want today, but completed transactions are much more important when deciding what a parcel is actually worth.
The problem becomes obvious when we compare listings in one area. In Sangmo-ri, agricultural sites can appear at roughly ₩350,000, ₩600,000 or ₩750,000 per pyeong. Better-zoned parcels nearby can then exceed ₩1 million, while development-oriented sites in stronger locations approach several million.
Some of that spread is justified by zoning, roads and utilities. Some comes from sellers simply having different expectations.
The current Jeju market makes aggressive asking prices particularly questionable. Island-wide values have been falling for several years and transaction activity remains depressed. A seller quoting a price from the boom years does not make that price the current market value.
Before making an offer, compare Ministry of Land transaction records for nearby parcels with similar zoning, land category, size and road conditions. Officially assessed land values are useful as an additional reference, particularly for tax and administrative purposes, but they should not replace actual transaction evidence.
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What can ₩100 million buy in Jeju Island?
₩100 million can still buy hundreds of pyeong of cheap rural Jeju land, but it buys very little in Aewol, Jeju City or the island's strongest coastal locations.
At ₩300,000 per pyeong, a ₩100 million budget theoretically buys about 333 pyeong, or roughly 1,100 m². At ₩500,000, it buys 200 pyeong.
Once the land reaches ₩1 million per pyeong, the same budget drops to 100 pyeong. At ₩2.5 million, which is already realistic for better Aewol-type locations, ₩100 million covers only 40 pyeong. At ₩5 million, it covers 20.
This calculation also shows why relatively cheap small parcels can carry high per-pyeong prices. A buyer may happily pay ₩2 million per pyeong for 100 pyeong because the total remains ₩200 million, while 1,000 pyeong at only ₩800,000 still requires ₩800 million.
| Land price/pyeong | Land purchasable with ₩100m | Approx. area |
|---|---|---|
| ₩300,000 | 333 pyeong | ~1,101 m² |
| ₩500,000 | 200 pyeong | ~661 m² |
| ₩1m | 100 pyeong | ~331 m² |
| ₩2.5m | 40 pyeong | ~132 m² |
| ₩5m | 20 pyeong | ~66 m² |
Can foreigners actually buy land in Jeju Island?
Foreigners can buy land in Jeju Island, and foreign ownership remains substantial, although agricultural land and regulated transactions need extra care.
The latest Ministry of Land ownership statistics show foreign owners holding about 21.91 million m² of land in Jeju across 15,881 parcels. The officially assessed value was roughly ₩609 billion. That is enough to show that foreign land ownership in Jeju is an established part of the market rather than an unusual exception.
Korea has tightened reporting around foreign real-estate purchases, including more detailed information about residence status and funding in relevant transactions. Certain areas and land uses can also bring additional approval or notification requirements.
Farmland deserves the most attention. Korea's Farmland Act generally requires agricultural land to be acquired for agricultural management unless an exemption applies. A foreign buyer who sees a very cheap field should therefore check acquisition eligibility before treating the advertised price as an opportunity.
For ordinary residential or commercial land, nationality itself is usually much less important than the exact parcel's zoning and legal status.
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What hidden costs can turn cheap Jeju land into an expensive mistake?
Cheap Jeju land can become expensive very quickly when the parcel needs road work, utility connections, land conversion, retaining walls or major site preparation.
Jeju listings themselves show what experienced buyers care about. Sellers regularly highlight six-metre roads, water connections, electricity, public sewage, conversion fees already paid or construction procedures already completed. Those details appear in advertisements because they have real financial value.
A low field beside an elevated road, for example, may need considerable fill and retaining work. Another parcel may have electricity nearby but no practical wastewater connection. Agricultural or forest land can require permissions and conversion charges before construction even becomes possible.
The registered land category also needs to be read together with the planning zone. A parcel registered as a field may sit in a relatively flexible planning area, while another field may be much harder to develop. Looking at only one classification can lead to a very expensive misunderstanding.
For a buyer planning to build, spending ₩1 million per pyeong on a clean parcel can easily beat paying ₩600,000 for land that still needs several major problems solved.
Which Jeju land is actually worth paying more for today?
The Jeju land premiums worth paying today are the ones attached to things we can verify: legal road access, useful zoning, wastewater connections, realistic construction rights and genuinely scarce locations.
Current pricing supports that view. Basic agricultural acreage can remain below ₩500,000 per pyeong. Better rural sites with access and useful planning conditions often move toward ₩800,000–₩1.5 million. Strong residential and coastal plots can reach ₩2 million–₩3.5 million, while Jeju City's best roadside sites move much higher.
Some premiums are much weaker. A generic sea view can disappear behind another building. Being “near Aewol” says little if the parcel is isolated or difficult to develop. A low official assessed value does not automatically mean the seller's price is attractive either.
With Jeju land values still falling these days, buyers have less reason to pay for vague future potential. Paying more for a parcel that already works makes considerably more sense.
| Jeju land feature | Typical effect on value | Why buyers pay for it | What to verify |
|---|---|---|---|
| Legal road frontage | Strong | Access and construction | Legal status and width |
| Public sewage | Strong | Removes a major obstacle | Actual connection availability |
| Useful residential/management zoning | Strong | More possible uses | Exact permitted project |
| Small usable parcel | Raises price/pyeong | Lower total budget | Shape and building footprint |
| Protected coastal position | Strong | Genuine scarcity | View and future development |
| Generic sea view | Moderate | Lifestyle appeal | Whether it can be blocked |
| Large agricultural parcel | Lowers price/pyeong | Smaller buyer pool | Farmland rules |
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So what should we budget to buy land in Jeju Island?
A sensible Jeju Island land budget today starts around ₩250,000–₩600,000 per pyeong for basic rural farmland, rises to roughly ₩600,000–₩1.5 million for better rural land, and moves toward ₩1.5 million–₩3.5 million for attractive buildable or coastal plots. Prime Jeju City sites can reach ₩3.5 million–₩8 million per pyeong or more.
For an actual purchase, that means roughly ₩100 million can still buy a substantial rural plot. A budget of ₩200 million–₩500 million opens many more options among smaller village parcels and usable rural sites. Buyers wanting an easy-to-build plot in Aewol, near a strong beach or in Jeju City should expect the budget to climb quickly.
Current market conditions also favor patience. Jeju has now recorded several years of falling land values while the broader South Korean land market is rising, transaction volumes remain weak and the island's population has declined from its recent peak.
The cheapest parcel is rarely the one we'd chase. In this market, the better buy is land discounted by Jeju's weakness but still equipped with the road, utilities and legal building potential that future buyers will also want.
OUR METHODOLOGY
To answer what it really costs to buy land in Jeju Island, we did not use a single island-wide average. We compared current asking prices with completed transaction evidence, then separated parcels by location, land type, zoning, road access, utilities, development conditions and the legal constraints that can change what a buyer can actually do with the land.
Current listings are used to show what sellers are asking now, while official transaction data are the stronger check on market value. Broader market direction comes from Ministry of Land, Infrastructure and Transport land-price data and Jeju Province population statistics, with officially assessed values used only as a secondary benchmark.
For usability, we relied on Korea's official land-use and legal databases. The Land Use Regulation Information Service is the key planning reference for zoning and permitted-use context, while the Farmland Act, National Land Planning and Utilization Act, Building Act and foreign real-estate reporting rules are used to assess farmland acquisition, conversion, development permission, road access and foreign-buyer requirements.
Key sources used for this analysis include: the Ministry of Land, Infrastructure and Transport's first-half land-price release, the MOLIT Real Transaction Price Disclosure System, MOLIT foreign land ownership statistics, Jeju Province's population platform, the official real-estate price portal, the Land Use Regulation Information Service, the Farmland Act provisions on acquisition qualification, the Farmland Act provisions on conversion, the National Land Planning and Utilization Act provisions on development permission, the Building Act provisions on road access, and current Daangn Realty listings in Boseong-ri, Mureung-ri, Aewol-ri and Geumneung.
Get to know the market before buying a property in Jeju Island
Better information leads to better decisions. Get all the data you need before investing a large amount of money.
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