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Yes, the analysis of Jeju Island's property market is included in our pack
Thinking about buying a 3-bedroom house in the historic center of Granada? It’s a charming area, but you're probably wondering: is now the right time to buy, or should you wait for prices to drop?
And what about long-term investment—should you look into other neighborhoods like La Calzada or the shores of Lake Nicaragua where property values might appreciate more over time?
In this article, we’ll answer these questions. We know this market quite well - and we have put all our knowledge in the Nicaragua Property Pack.
Will property prices increase in Jeju Island in 2025?
No, property prices in Jeju Island are not expected to rise in 2025, due to a combination of economic challenges and changing market dynamics.
Backed by our fresh, in-depth market analysis, we’re observing a shift in Jeju Island's real estate market that suggests a cooling period rather than a boom.
While there are some positive developments, the overall economic environment and specific local factors are likely to exert downward pressure on property prices.
Signals pointing to a property price increase in Jeju Island
Here are some factors suggesting prices could increase:
Jeju Island continues to be a popular tourist destination, which could sustain demand for vacation properties and short-term rental investments, potentially supporting property prices in certain areas.
The island's unique natural beauty and status as a UNESCO World Heritage site continue to attract interest from both domestic and international buyers, which could help maintain demand for premium properties.
Government initiatives aimed at boosting tourism and infrastructure development on the island could enhance its attractiveness as a place to live and invest, potentially supporting property values.
Signals pointing to a property price decrease in Jeju Island
Here are some factors suggesting prices could fall:
The overall economic slowdown in South Korea, coupled with rising inflation, is likely to impact consumer spending power, reducing demand for property purchases on Jeju Island.
Stricter government regulations on real estate transactions and foreign ownership in South Korea could deter potential buyers, particularly international investors, from entering the Jeju market.
An oversupply of new developments in recent years has led to increased competition among sellers, which could drive down property prices as they compete to attract buyers.
The ongoing impact of the COVID-19 pandemic has led to a decrease in international tourism, which is a significant driver of Jeju's economy and real estate market, potentially leading to reduced demand for properties.
Rising interest rates in South Korea are making mortgages more expensive, which could deter potential buyers and reduce overall demand in the property market.
A shift in buyer preferences towards mainland cities with more job opportunities and amenities could lead to decreased interest in Jeju Island properties.
Environmental concerns and natural disaster risks, such as typhoons, may deter some buyers from investing in Jeju Island real estate, impacting demand and prices.
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If property prices go up in Jeju Island, how much would they increase by?
If real estate prices in Jeju Island were to rise in 2025, the increase would likely be between 3% to 7% of their 2024 values.
Typically, real estate in dynamic, growing markets like Jeju Island appreciates by approximately 3% to 7% annually over the long term. However, fluctuations can occur depending on factors such as location, tourism trends, and property type.
It means that, if you spot a charming 2-bedroom villa near Seogwipo for 500,000,000 KRW today, don't be surprised if it's priced between 515,000,000 and 535,000,000 KRW this time next year.
To give you a better understanding, here is a table that shows 7 types of Jeju Island real estate properties, their estimated prices in 2024, and projections for 2025 based on potential price increases of 3%, 5%, and 7%.
| Type of Property | Average Price in 2024 (KRW) | Price in 2025 (3% increase) | Price in 2025 (5% increase) | Price in 2025 (7% increase) |
|---|---|---|---|---|
| Traditional Hanok (60 sqm / 646 sqft) | ₩600,000,000 | ₩618,000,000 | ₩630,000,000 | ₩642,000,000 |
| Modern Apartment (75 sqm / 807 sqft) | ₩800,000,000 | ₩824,000,000 | ₩840,000,000 | ₩856,000,000 |
| Luxury Villa (100 sqm / 1,076 sqft) | ₩1,500,000,000 | ₩1,545,000,000 | ₩1,575,000,000 | ₩1,605,000,000 |
| Studio (30 sqm / 323 sqft) | ₩300,000,000 | ₩309,000,000 | ₩315,000,000 | ₩321,000,000 |
| Loft (80 sqm / 861 sqft) | ₩1,000,000,000 | ₩1,030,000,000 | ₩1,050,000,000 | ₩1,070,000,000 |
| Townhouse (150 sqm / 1,615 sqft) | ₩2,000,000,000 | ₩2,060,000,000 | ₩2,100,000,000 | ₩2,140,000,000 |
| Investment Property (50 sqm / 538 sqft) | ₩500,000,000 | ₩515,000,000 | ₩525,000,000 | ₩535,000,000 |
Everything you need to know is included in our Property Pack for Jeju Island
If real estate prices go up in Jeju Island, which areas are likely to see the biggest increases?
Today, people who want to move to Jeju Island are looking for natural beauty, but they also want modern conveniences and vibrant social scenes, which Seogwipo delivers. Hence, we could see a price increase there in 2025.
Also, lately, there's been a shift toward more youthful, vibrant neighborhoods, and Aewol has really taken off.
We like it when information is clear and easy to digest. So, here’s a table that highlights the areas where prices might rise the most, along with the reasons behind those expected increases. It’s very high-level. If you want more details on a specific area, please check our real estate pack tailored to the Jeju Island market.
| Neighborhood | Level of Increase | Why |
|---|---|---|
| Seogwipo | High | Recent development of luxury resorts and its increasing appeal to international tourists as travel normalizes post-pandemic, driving demand. |
| Jeju City | High | Expected rise due to limited housing stock, upcoming renovations to urban areas, and growing demand for prime properties in central Jeju. |
| Aewol | Medium-High | Ongoing gentrification and new transport links, along with several planned redevelopment projects in the area, are likely to push prices higher. |
| Hallim | Medium | The shift towards eco-friendly living is driving demand for residential properties near natural attractions, combined with new mixed-use developments. |
| Jungmun | Medium-High | Eco-friendly urban projects and recent construction of new schools and parks are increasing its attractiveness for families, pushing prices upward. |
| Seongsan | Medium | Investment in local infrastructure, such as the extension of public transport and renovation of historic areas, is boosting long-term value. |
| Gujwa | Medium-High | With new cultural and commercial spaces being developed, this trendy neighborhood is seeing increased demand from both residents and investors. |
| Pyoseon | High | Upcoming large-scale urban regeneration projects and improved public transport access are expected to make this area more desirable. |
| Andeok | Medium-High | Its proximity to major tourist attractions, along with new office and residential developments, makes it increasingly attractive to professionals seeking more space. |
| Hankyung | Medium | Gentrification and cultural regeneration projects are attracting new residents, leading to rising prices as the area becomes more fashionable. |
| Daejeong | High | As new luxury developments are launched, demand for premium housing among wealthy buyers is expected to further increase property values. |
| Udo | High | Upcoming restoration of cultural sites and high-profile tourism projects are driving a renewed focus on this scenic, historic location. |
If I'm looking to invest in real estate, what types of properties should I focus on for the best value appreciation in Jeju Island?
In 2025, Jeju Island real estate trends focus on tech-smart, energy-efficient villas, larger countryside homes for families, properties with ocean views, and eco-friendly buildings—all driving higher demand and prices. Here is a summary.
- Tech-Equipped and Energy-Efficient Villas:
Driven by remote work and sustainability trends, these homes offer smart technology features and energy-saving systems. They cater to young professionals and tech workers, making them a hot commodity in 2025.
- Family-Sized Homes in Countryside Areas:
With a growing demand for larger living spaces, especially among families, countryside areas near Jeju City are seeing increased interest. Proximity to natural attractions and schools is a major factor driving value.
- Properties with Ocean Views:
Post-pandemic, properties with ocean views or access to beaches have become highly desirable. In scenic locations like Jeju Island, these features offer a much-needed escape and are likely to drive up property values.
- Eco-Friendly Buildings with Low Carbon Footprints:
Jeju Island's commitment to sustainability is boosting demand for eco-certified buildings. Buyers are increasingly valuing properties that align with the island’s green goals, leading to price appreciation in this category.
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