Buying and owning property in Jeju Island as a foreigner

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

Who is the author of this content?

BAMBOOROUTES

A team specialized in real estate investing in APAC countries (Japan, Thailand, Indonesia, Australia, etc.).

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Jeju Island. If you'd like to learn more about us, you can check our presentation page.

How this content was created 🔎📝

At BambooRoutes, we explore the South Korean real estate market every day. Our team doesn't just analyze data from a distance—we're actively engaging with local realtors, investors, and property managers in cities like Jeju City and Seogwipo. This hands-on approach allows us to gain a deep understanding of the market from the inside out.

These observations are originally based on what we've learned through these conversations and our observations. But it was not enough. To back them up, we also needed to rely on trusted resources

We prioritize accuracy and authority. Trends lacking solid data or expert validation were excluded.

Trustworthiness is central to our work. Every source and citation is clearly listed, ensuring transparency. A writing AI-powered tool was used solely to refine readability and engagement.

To make the information accessible, our team designed custom infographics that clarify key points. We hope you will like them! All illustrations and media were created in-house and added manually.

What kinds of properties can foreigners legally buy in Jeju compared to Korean citizens or other nationalities?

Foreigners can legally purchase almost all property types in Jeju Island with virtually no discrimination compared to Korean citizens.

You can buy apartments, single-family houses, townhouses, villas, and commercial real estate including office buildings, retail spaces, and restaurants. The South Korean government treats foreign buyers equally to Korean nationals for most residential and commercial property transactions in Jeju.

The only significant restrictions apply to properties located within designated military zones or national security areas, though these are uncommon on Jeju Island. Some protected agricultural zones may also require additional permissions or be completely off-limits to foreign ownership.

As of September 2025, there are no nationality-based preferences or restrictions, meaning buyers from any country face the same rules and opportunities when purchasing property on Jeju Island.

Are there any restrictions on land size, zoning, or property types for non-Koreans?

No special restrictions exist on land size, zoning, or property types specifically for non-Korean buyers in Jeju Island.

Foreign buyers face the same zoning regulations as Korean citizens, meaning you can purchase residential, commercial, or mixed-use properties according to the local zoning laws of each area. There are no maximum land size limits imposed specifically on foreigners.

The main exceptions are parcels located near military installations or within protected agricultural zones, which may require special government approval or be completely prohibited for any buyer, regardless of nationality. These restrictions apply equally to Korean and foreign buyers.

Standard zoning classifications in Jeju include residential areas, commercial districts, industrial zones, and green belt areas, with foreign buyers having equal access to properties in all permitted zones.

What visa or residency status do you need to buy and keep property in Jeju?

No specific visa or residency status is required to purchase or own property in Jeju Island.

You can complete a property purchase while on a tourist visa, and property ownership does not require maintaining any particular immigration status in South Korea. This makes Jeju one of the most accessible real estate markets in Asia for foreign investors.

However, owning property does not automatically grant you residence rights in South Korea. If you want to live in South Korea long-term, you must apply for appropriate visas through separate immigration processes.

For those seeking residency through property investment, Jeju offers an investment immigration program that typically requires investments of at least 500 million KRW (approximately $375,000) to qualify for residence visas.

It's something we develop in our South Korea property pack.

Do you have to be physically present in South Korea to complete the purchase, or can it be done remotely?

Physical presence in South Korea is not mandatory for completing a property purchase in Jeju Island.

You can complete the entire transaction remotely by granting power of attorney to a local lawyer or licensed real estate agent who will represent you throughout the buying process. This includes signing documents, transferring funds, and registering the property title.

Some documents may need to be notarized or apostilled at a South Korean consulate in your home country to ensure they meet Korean legal requirements. Remote transactions require careful coordination for international wire transfers and currency exchange reporting.

Many foreign buyers successfully purchase Jeju properties without ever visiting South Korea, though visiting the property in person before purchase is generally recommended for due diligence purposes.

What are the exact steps in the buying process, and which documents will you need at each stage?

The Jeju Island property buying process follows a structured six-step procedure with specific documentation requirements at each stage.

Step	Process	Required Documents
1. Research & Selection	Find properties through local agents or online platforms	Valid passport, proof of funds
2. Due Diligence	Verify ownership, liens, zoning, and property condition	Title certificate verification, property inspection reports
3. Sales Agreement	Sign purchase contract with 10% deposit	Sales agreement, bank transfer receipt
4. Land Acquisition Report	File with local authorities within 60 days	Land Acquisition Report, property details
5. Closing & Title Transfer	Transfer remaining funds and register ownership	Full payment proof, title registration documents
6. Foreign Exchange Reporting	Report transactions over $50,000 to authorities	Foreign exchange transaction report, Korean taxpayer ID

Is hiring a local lawyer or real estate agent mandatory, and what role do they play?

Hiring a local lawyer or licensed real estate agent is not legally mandatory but is strongly recommended for foreign buyers in Jeju Island.

These professionals provide essential services including property due diligence, legal document preparation, title verification, tax registration assistance, and ensuring compliance with all Korean real estate regulations. They also help navigate language barriers and cultural differences in business practices.

A qualified local representative can handle the Land Acquisition Report filing, coordinate with banks for mortgage applications, assist with foreign exchange reporting requirements, and ensure proper property registration with local authorities.

Most successful foreign property purchases in Jeju involve professional representation due to the complexity of Korean legal procedures and documentation requirements, making this investment worthwhile for most buyers.

Can foreigners get a mortgage in South Korea, what banks allow it, what are the typical interest rates, and what tips help secure financing?

Foreigners are eligible to apply for mortgages from Korean banks to purchase property in Jeju Island.

Major Korean banks including KB Kookmin Bank, Shinhan Bank, and Woori Bank offer mortgages to foreign buyers with typical interest rates ranging from 3% to 5% annually. Loan-to-value ratios generally reach up to 70% of the property's appraised value.

Banks typically require an Alien Registration Card, Korean bank account, proof of stable income, employment verification, and comprehensive financial documentation including tax returns and bank statements from your home country.

Tips for securing financing include preparing all documentation in both English and Korean, working with a bilingual mortgage broker, maintaining a Korean bank account for several months before applying, and comparing mortgage products from multiple banks to find the best terms.

It's something we develop in our South Korea property pack.

What are the one-time fees, taxes, and ongoing costs when purchasing, owning, renting out, or reselling property in Jeju?

Property acquisition in Jeju involves several one-time fees and ongoing costs that foreign buyers must budget for.

Cost Type	Rate/Amount	When Applied
Acquisition Tax	1-4% of purchase price	At purchase
Property Registration Tax	0.8-4% of purchase price	At registration
Stamp Duty	0.1-0.5% of contract value	Contract signing
Legal/Agent Fees	1-3% of purchase price	At closing
Annual Property Tax	0.1-0.4% of assessed value	Yearly
Rental Income Tax	6-42% of rental income	If renting out
Capital Gains Tax	6-42% of profit	At resale

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.

Which neighborhoods or regions in Jeju are most popular with foreigners, and why?

Jeju City and Seogwipo are the two most popular areas among foreign property buyers on Jeju Island.

Jeju City attracts foreigners due to its urban amenities, international airport proximity, established expat communities, shopping centers, restaurants, and better access to mainland South Korea. The area offers the most comprehensive services for international residents including banking, healthcare, and education facilities.

Seogwipo is favored by foreigners seeking a scenic coastal lifestyle with access to natural attractions, beaches, hiking trails, and a more relaxed atmosphere. The city offers beautiful ocean views, proximity to Hallasan National Park, and a growing tourism infrastructure.

Other emerging popular areas include Jungmun resort district for luxury properties and tourism-related investments, Hamdeok Beach area for coastal living, and Aewol for its artistic community and cafe culture that appeals to younger foreign buyers and digital nomads.

Where are the best areas right now for living, renting out, or long-term capital appreciation?

The best areas for different investment strategies vary significantly across Jeju Island as of September 2025.

1. **For Living**: Jeju City offers the best infrastructure, international schools, healthcare facilities, and expat community support2. **For Rental Income**: Tourist hotspots like Jungmun, Seogwipo waterfront, and areas near Jeju International Airport generate highest rental yields3. **For Capital Appreciation**: Coastal developments in Aewol, expanding resort areas in Jungmun, and properties near planned infrastructure projects show strongest growth potential4. **For Tourism Investment**: Properties within walking distance of major attractions like Hallasan, Seongsan Ilchulbong, and popular beaches command premium rental rates5. **For Long-term Growth**: Areas benefiting from government development plans, new transportation links, and expanding tourism infrastructure offer best appreciation prospects

Current gross rental yields typically range from 4-8% annually depending on location, property type, and management quality, with tourist-focused properties generally achieving higher returns.

What are the average property prices across different cities and regions of Jeju, and how do they compare?

Property prices in Jeju Island vary significantly based on location, proximity to amenities, and property type as of September 2025.

Central Jeju City properties typically range from ₩300 million to ₩800 million KRW ($225,000 to $600,000) for standard apartments and houses. Premium locations near the city center or with special amenities can reach ₩1 billion KRW ($750,000) or higher.

Seogwipo coastal properties command similar or higher prices, especially those with ocean views or proximity to tourist attractions, generally ranging from ₩400 million to ₩1.2 billion KRW ($300,000 to $900,000). Luxury resort-adjacent properties can exceed ₩1.5 billion KRW ($1.1 million).

Rural inland areas offer more affordable options, typically starting around ₩150-250 million KRW ($110,000 to $190,000) for basic properties, while emerging coastal areas like Aewol and Hamdeok fall between urban and rural pricing at ₩250-600 million KRW ($190,000 to $450,000).

It's something we develop in our South Korea property pack.

What common mistakes or pitfalls should foreigners avoid when buying property in Jeju?

Foreign buyers in Jeju Island should avoid several critical mistakes that can result in legal complications or financial losses.

1. **Failing to verify unrestricted zone status** - Not confirming whether property is in military or protected agricultural zones that may have ownership restrictions2. **Missing the Land Acquisition Report deadline** - Not filing required documentation with local authorities within the mandatory 60-day window3. **Skipping comprehensive due diligence** - Not properly investigating liens, building permits, zoning compliance, or title issues before purchase4. **Underestimating total costs** - Not budgeting for all taxes, fees, legal costs, and ongoing expenses associated with property ownership5. **Relying on verbal agreements** - Not insisting on formal written contracts and proper documentation for all aspects of the transaction6. **Inadequate professional representation** - Not hiring qualified local lawyers or agents familiar with foreign buyer requirements and Korean property law7. **Ignoring foreign exchange reporting** - Not properly reporting large money transfers to Korean authorities as required by law

Proper legal representation, thorough documentation review, and careful financial planning are essential to avoid these pitfalls and ensure a successful property purchase in Jeju Island.

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.

Sources

1. BambooRoutes - Foreigners Buy Property Jeju Island
2. Arab MLS - Can Foreigners Buy Property in Jeju
3. Nomad Capitalist - Little Known Place Anyone Can Visit Get Residence Visa
4. Juwai Asia - Property News
5. BambooRoutes - South Korea Real Estate Foreigner
6. Invest Korea - Foreign Investment Guide
7. Korea Times - Korea Moves to Restrict Foreigners Real Estate Purchases
8. World Passports - South Korea Residency by Investment