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Property prices in Jeju Island are experiencing modest growth in 2025, with apartments rising 0.21% weekly and urban centers showing the strongest performance.
As we reach mid-2025, Jeju Island's residential property market presents a unique picture within South Korea - while not experiencing the rapid price surges of previous years, the island continues to show steady appreciation driven by urbanization, tourism demand, and infrastructure development. The market has stabilized significantly after government interventions to curb speculation, creating a more sustainable environment for both local buyers and long-term investors.
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Jeju Island's property market shows moderate growth with apartments increasing 0.21% weekly, urban areas outperforming rural regions, and prices stabilizing after years of speculation-driven volatility.
The average price per square meter stands at approximately 5 million KRW as of June 2025, with government policies successfully cooling speculative demand while maintaining healthy transaction volumes.
| Metric | Current Status (June 2025) | Trend Direction |
|---|---|---|
| Average Price per m² | ~5 million KRW | Stable with slight increases |
| Weekly Apartment Price Change | +0.21% | Modest upward movement |
| Transaction Volume Growth | +6% residential, +9% apartments | Increasing activity |
| Strongest Areas | Jeju City, Seogwipo, Nohyeong-dong | Continued urban growth |
| Interest Rate Impact | Base rate at 3.0% | Supporting stable prices |
| Foreign Investment | Restricted by 2025 policies | Cooling speculative demand |
| 5-Year Forecast | Moderate steady increases | Sustainable growth expected |
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.
What are the current property prices in Jeju Island as of June 2025?
Property prices in Jeju Island currently average around 5 million KRW per square meter for residential properties.
In Jeju City's urban center, apartment prices reach approximately 14 million KRW per pyeong (3.3 m²), while apartments in the city center cost about 1.3 million KRW per square foot. Outside the city center, prices drop to around 836,000 KRW per square foot, reflecting the typical urban-suburban price differential.
For those looking at rental options, a one-bedroom apartment in Jeju City center commands an average monthly rent of 669,000 KRW, while three-bedroom apartments average 1.4 million KRW per month. These prices position Jeju Island as more expensive than most Korean provincial cities but still significantly more affordable than Seoul.
The current pricing structure reflects Jeju's unique position as both a domestic tourism hotspot and an increasingly popular residential destination for retirees and remote workers seeking a better quality of life.
It's something we develop in our South Korea property pack.
How much have property prices increased in Jeju Island over the past year?
Jeju Island's property market has shown modest but consistent growth over the past year, with different property types experiencing varying levels of appreciation.
The most recent data shows apartments in Jeju Island increased by 0.21% in weekly surveys, placing the island just behind Seoul's 0.22% growth rate and ahead of most other Korean provinces. This steady appreciation indicates a healthy market without the speculative bubbles of previous years.
Transaction volumes tell an even more positive story, with overall residential property transactions rising by 6% year-over-year, while apartment transactions specifically jumped by 9%. This increased activity suggests growing confidence in the market despite only slight price increases.
Rental prices have also seen upward movement, with apartment rents increasing by approximately 3% throughout 2024. The combination of stable sales prices and rising rental rates creates an attractive environment for buy-to-let investors.
The overall sales price index showed only a slight decrease in some segments, indicating that while certain areas are experiencing growth, the market as a whole remains balanced and sustainable.
Which areas of Jeju Island are experiencing the fastest property price growth in 2025?
Urban centers are clearly outperforming rural areas in Jeju Island's property market, with specific neighborhoods showing exceptional resilience and growth.
| Area | Growth Characteristics | Key Drivers |
|---|---|---|
| Jeju City Center | Strongest overall price growth, low vacancy rates | Urbanization, business hub, government offices |
| Seogwipo | Robust appreciation, high tourist demand | Tourism infrastructure, natural attractions, resort developments |
| Nohyeong-dong | Premium commercial rents, compared to Seoul's Gangnam | High-end retail, modern infrastructure, affluent demographics |
| Areas near Second Airport | Land prices up 40%+ in some locations | Major infrastructure project, speculation on future development |
| Rural Interior | Declining values, negative growth | Urban migration, reduced economic activity, aging population |
| Coastal Tourist Areas | Moderate growth, seasonal fluctuations | Vacation home demand, short-term rental potential |
| New Development Zones | Significant appreciation potential | Modern amenities, planned communities, government investment |
The stark contrast between urban and rural performance reflects broader demographic trends, with younger populations and economic activity concentrating in cities while rural areas face depopulation challenges.
What types of properties are seeing the sharpest price increases in Jeju Island?
Apartments lead the market in terms of both demand and price appreciation, reflecting changing lifestyle preferences and urbanization trends.
With transaction volumes rising 9% for apartments compared to 6% for overall residential properties, it's clear that vertical living is becoming increasingly popular in Jeju Island. This shift mirrors trends seen across South Korea as buyers prioritize modern amenities, security, and convenience over traditional housing options.
Land prices have historically shown the most dramatic increases, with some parcels near major infrastructure projects like the planned second airport experiencing gains exceeding 40%. However, these spectacular returns are becoming less common as the government implements stricter controls on speculation.
Villas and new developments in urban areas have registered significant appreciation, with reports of some villa prices tripling over just a few years in prime locations. These properties appeal to both lifestyle buyers seeking modern homes and investors targeting the luxury rental market.
Traditional Korean houses (hanok) and older single-family homes in rural areas are experiencing the weakest performance, often seeing flat or declining values as buyers favor modern construction and urban locations.
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How do current Jeju Island property prices compare to five years ago?
The past five years have seen Jeju Island's property market transition from explosive growth to sustainable appreciation.
Between 2013 and 2016, Jeju experienced unprecedented price growth exceeding 30% in just two years - six times the national average. This speculative bubble was driven largely by foreign investment, particularly from Chinese buyers, and domestic investors seeking vacation homes.
From 2020 to 2025, the market has stabilized significantly following government interventions designed to cool speculation and protect local buyers. Price growth has moderated to single-digit annual increases, creating a healthier market environment without the volatility of the previous decade.
The stabilization period has seen prices consolidate rather than collapse, with properties maintaining their values while transaction volumes have actually increased. This suggests genuine end-user demand has replaced speculative activity as the primary market driver.
Current prices remain substantially higher than five years ago, but the rate of appreciation has normalized to sustainable levels that better reflect economic fundamentals and local income growth.
What are the property price forecasts for Jeju Island through 2026 and beyond?
Market analysts project moderate but steady price increases for Jeju Island's property market over the coming years.
For the immediate future through 2026, experts expect annual price growth of 3-5% in urban areas, supported by ongoing infrastructure development, continued urbanization, and the island's enduring appeal as a lifestyle destination. Rural areas may see flat or slightly negative growth as population shifts continue.
The five-year outlook through 2030 remains positive, with cumulative price appreciation of 15-25% expected in prime urban locations. This growth will be driven by the completion of major infrastructure projects, including improved transport links and the potential second airport, which would significantly enhance accessibility.
Looking ahead 10 years, continued government focus on sustainable development and smart city initiatives should keep urban property values rising steadily. However, demographic headwinds including South Korea's aging population and declining birthrate may temper demand growth compared to previous decades.
The 20-year forecast suggests Jeju will maintain its position as a premium lifestyle and investment destination within South Korea, with properties aligned with sustainability trends and modern amenities likely to outperform. Most analysts expect the island to avoid the rapid boom-bust cycles of the past, instead experiencing gradual, sustainable appreciation.
This long-term stability makes Jeju Island residential property attractive for investors seeking steady returns rather than quick speculative gains.
How are national interest rate changes affecting Jeju Island's property market?
The Bank of Korea's decision to lower the base interest rate to 3.0% in 2025 has provided measured support to Jeju Island's property market.
Lower borrowing costs have stimulated transaction volumes, with the 6% increase in residential property sales and 9% jump in apartment transactions partly attributable to improved mortgage affordability. First-time buyers and upgraders have found it easier to secure financing, contributing to market liquidity.
However, the impact has been more muted than in previous rate-cutting cycles due to stricter lending standards and high household debt levels across South Korea. Banks remain cautious about lending for investment properties, particularly to non-residents, which has prevented the kind of speculative frenzy seen in earlier periods.
The moderate interest rate environment has helped stabilize prices rather than fuel rapid appreciation, creating conditions for sustainable growth. This measured approach by monetary authorities supports genuine homebuyers while discouraging excessive speculation.
Looking forward, any future rate adjustments will likely have similar measured impacts, with the market's fundamental drivers of urbanization and lifestyle demand playing more significant roles than monetary policy alone.
What economic and demographic factors are driving demand in Jeju Island's property market?
Multiple interconnected factors are shaping demand patterns in Jeju Island's residential property market as of June 2025.
- Urbanization trends: Migration from rural to urban centers within Jeju continues at pace, with Jeju City and Seogwipo attracting younger residents seeking employment and modern amenities.
- Tourism economy: As South Korea's premier domestic tourist destination, Jeju benefits from steady demand for vacation homes and properties suitable for short-term rentals, supporting prices in tourist-friendly locations.
- Population dynamics: While the island saw 0.58% population growth in 2024, recent data shows slight overall decline, particularly in rural areas, creating divergent market conditions between urban and rural zones.
- Infrastructure development: Major projects including the planned second airport and enhanced transport links are driving anticipatory demand in affected areas, with land values rising significantly near proposed developments.
- Lifestyle migration: Increasing numbers of retirees and remote workers are choosing Jeju for its natural environment, slower pace of life, and relatively clean air compared to mainland cities.
- Educational facilities: The expansion of international schools and educational institutions has attracted families, supporting demand for family-sized properties in specific districts.
- Healthcare infrastructure: Improved medical facilities make Jeju more viable for permanent residence, particularly important for the growing retiree demographic.
These factors combine to create robust demand in urban areas while rural regions struggle with depopulation and economic decline.
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.
Is speculative investment still influencing Jeju Island property prices in 2025?
Speculative investment has been significantly curtailed in Jeju Island's property market compared to the frenzy of the mid-2010s.
Historical evidence clearly shows that speculative buying, particularly from Chinese investors and mainland Korean buyers seeking quick profits, drove sharp price increases between 2013 and 2016. During this period, foreign ownership became a politically sensitive issue as locals found themselves priced out of their own housing market.
Government interventions have successfully reduced speculative activity through multiple measures. These include stricter approval requirements for large land purchases by foreigners, enhanced monitoring of property transactions, and limitations on development rights for non-resident buyers.
Current market data suggests speculation has been largely replaced by genuine end-user demand. The modest price growth of 0.21% weekly for apartments, combined with increased transaction volumes, indicates a healthier market driven by actual housing needs rather than investment mania.
While some speculative element remains - particularly in areas near planned infrastructure projects - it no longer dominates market dynamics. This shift has contributed to price stability and made the market more accessible to local residents.
Market observers credit this transformation with creating a more sustainable foundation for long-term growth, though some investors argue that reduced speculation has also limited potential returns.
How is the 2025 government policy on non-resident land ownership impacting the market?
The 2025 policy requiring gubernatorial approval for large land purchases by foreigners has had a measurable cooling effect on Jeju Island's property market.
| Policy Aspect | Market Impact |
|---|---|
| Approval requirement for large purchases | Reduced foreign investment volume by approximately 40% compared to peak years |
| Stricter land use controls | Limited speculative development projects, preserving green spaces |
| Enhanced monitoring systems | Improved transparency in transactions, reducing price manipulation |
| Local buyer preferences | Increased market share for Korean residents, improving affordability |
| Investment sentiment | Shifted from short-term speculation to long-term value appreciation |
| Price stability | Contributed to sustainable growth rates versus volatile swings |
| Development patterns | Encouraged smaller-scale, community-oriented projects |
These measures have successfully stabilized prices while maintaining market liquidity, achieving the government's goal of creating a more balanced and accessible property market for local residents.
How do Jeju Island property prices compare to mainland Korea and other resort areas?
Jeju Island occupies a unique position in South Korea's property market hierarchy, priced between premium Seoul locations and other provincial cities.
At approximately 5 million KRW per square meter, Jeju Island residential property costs significantly less than Seoul's average of 13.4 million KRW per square meter. However, Jeju remains more expensive than major cities like Busan (6.7 million KRW/m²) and considerably pricier than cities like Incheon (5.6 million KRW/m²).
Compared to other Korean resort destinations, Jeju commands premium prices due to its unique appeal as the "Hawaii of Korea" and its special administrative status. Coastal areas in Gangwon Province or Busan's beach districts typically trade at 20-30% discounts to comparable Jeju properties.
The island's year-round price growth of 0.21% weekly for apartments places it just behind Seoul's 0.22% growth rate, demonstrating remarkable strength for a non-metropolitan area. This performance exceeds most mainland cities, with Busan actually showing negative growth of -1.94%.
This pricing structure reflects Jeju's dual appeal as both a lifestyle destination and investment opportunity, supporting values above typical resort markets while remaining accessible compared to Seoul. It's something we analyze in detail in our South Korea property pack.
What are property market experts predicting for Jeju Island's long-term price sustainability?
Leading real estate analysts and market experts express cautiously optimistic views about Jeju Island's property market sustainability through 2030 and beyond.
The consensus among experts points to moderate, sustainable growth in the range of 3-5% annually for urban properties, driven by fundamental factors rather than speculation. This measured pace represents a dramatic shift from the volatile swings of the previous decade and suggests a maturing market.
Infrastructure development remains a key factor in expert projections, with the planned second airport and improved transportation links expected to enhance property values in specific corridors. However, analysts emphasize that gains will be gradual rather than explosive, reflecting stricter development controls and environmental considerations.
Demographic challenges present the main concern for long-term sustainability. South Korea's aging population and declining birthrate could eventually dampen demand, though experts believe Jeju's lifestyle appeal and tourist economy provide better insulation than mainland markets facing similar demographic headwinds.
Most analysts recommend focusing on properties in established urban areas with good infrastructure and amenities, as these locations show the best potential for sustained appreciation. Rural properties may face continued challenges unless they can tap into specific niches like eco-tourism or wellness retreats.
The overall expert view suggests Jeju Island's property market has successfully transitioned from a speculative hotspot to a stable investment destination, with prices likely to track economic growth rather than experiencing dramatic cycles.
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.
Based on comprehensive analysis of current market data and expert projections, property prices in Jeju Island are going up, though at a moderate and sustainable pace that reflects genuine demand rather than speculation.
The answer to whether property prices are rising in Jeju Island is: Yes. With apartments showing consistent weekly growth of 0.21%, urban centers experiencing robust demand, and transaction volumes increasing by 6-9%, the market demonstrates healthy appreciation without the volatile spikes of previous years. This controlled growth, supported by government policies that have successfully curtailed speculation while maintaining market liquidity, creates an environment favorable for both end-users and long-term investors seeking stable returns in one of South Korea's most desirable locations.
Sources
- Jeju Island Real Estate Market Analysis - BambooRoutes
- Property Investment in Jeju - Numbeo
- Korean Real Estate Weekly Report - Chosun Biz
- Jeju Island Real Estate Forecasts - BambooRoutes
- Jeju Property Market Historical Analysis - Donga
- Foreign Land Ownership Regulations - Korea Times
- South Korea Property Price History - Global Property Guide
- 2025 Korea Real Estate Market Outlook - CBRE
- South Korea Real Estate Market Report - IMARC
- 2025 Korea Residential Market Outlook - Savills