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Yes, the analysis of Jeju Island's property market is included in our pack
Understanding property taxes and fees in Jeju Island is crucial before making any real estate investment. As of September 2025, buying a property in Jeju involves multiple taxes including acquisition tax, local education tax, registration fees, and ongoing annual property taxes that can significantly impact your total investment cost.
If you want to go deeper, you can check our pack of documents related to the real estate market in South Korea, based on reliable facts and data, not opinions or rumors.
Property buyers in Jeju Island face total upfront costs of 6-12% of the property value, including acquisition tax (2-4%), registration fees (1-3%), and agent commissions (0.7-2%).
Annual property taxes range from 0.15-0.5% of assessed value, while foreigners pay the same rates as Korean residents for most taxes but face higher capital gains rates when selling.
| Tax/Fee Type | Rate | Amount for 500M KRW Property |
|---|---|---|
| Acquisition Tax | 2-4% | 10-20 million KRW |
| Local Education Tax | 10% of acquisition tax | 1-2 million KRW |
| Registration Tax | 1-3% | 5-15 million KRW |
| Agent Commission | 0.7-2% | 3.5-10 million KRW |
| Legal/Notary Fees | 0.5-1% | 2.5-5 million KRW |
| Annual Property Tax | 0.15-0.5% | 0.75-2.5 million KRW/year |
| Maintenance Fees (Monthly) | Fixed amount | 100,000-400,000 KRW/month |
What is the acquisition tax rate in Jeju and how much would it be in Korean won for a property priced at 500 million KRW?
The acquisition tax in Jeju Island ranges from 2% to 4% of the property value for standard residential properties as of September 2025.
For a property priced at 500 million KRW, the acquisition tax would be between 10 million KRW and 20 million KRW. The exact rate depends on whether the property is your primary residence, a second home, or an investment property.
First-time homebuyers purchasing their primary residence typically pay the lower end of this range at around 2%, while investment properties and second homes are taxed at the higher end around 3-4%. The Jeju provincial government applies these rates uniformly across the island, whether you're buying in Jeju City, Seogwipo, or rural areas.
This acquisition tax must be paid within 30 days of the property registration, and failure to pay on time results in additional penalties and interest charges.
Is there a local education tax added on top of the acquisition tax and if so, what percentage and amount does it represent?
Yes, Jeju Island applies a local education tax that is calculated as 10% of the acquisition tax amount.
For a 500 million KRW property where the acquisition tax is 15 million KRW (at 3%), the local education tax would be 1.5 million KRW. This tax is automatically calculated and must be paid simultaneously with the acquisition tax.
The local education tax funding supports educational infrastructure and programs in Jeju Island. Unlike some other Korean provinces that may waive this tax for certain qualifying purchases, Jeju consistently applies this 10% surcharge to all property acquisitions.
The combined acquisition tax and local education tax typically ranges from 2.2% to 4.4% of the property value, making it one of the largest upfront costs when purchasing real estate in Jeju.
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Does Jeju also apply a rural special tax or any other additional surcharge when buying property, and how much does that come to in real terms?
As of September 2025, Jeju Island does not typically impose a rural special tax or additional surcharges on standard residential property purchases.
For most residential properties valued at 500 million KRW, you won't face any extra taxes beyond the acquisition tax, local education tax, and standard registration fees. This differs from some mainland Korean regions that may apply additional levies for certain property types or locations.
However, certain high-value luxury properties or commercial developments may face additional scrutiny and potentially higher assessment rates during the valuation process. Properties exceeding 1 billion KRW in certain premium areas might be subject to enhanced review procedures.
Foreign buyers should be aware that while no specific rural special tax applies, the acquisition tax rate may be set at the higher end of the range (3-4%) for non-resident purchases, effectively serving as an additional cost.
What are the standard property registration and deed transfer fees, and how are they calculated in numbers?
Property registration fees in Jeju Island range from 1% to 3% of the property's transaction value or assessed value, whichever is higher.
For a 500 million KRW property, registration and deed transfer fees typically cost between 5 million KRW and 15 million KRW. The exact amount depends on the property type, location, and whether it's a new construction or existing property transfer.
These fees cover the legal registration of ownership transfer, updating land registry records, and issuing new property deeds. The registration tax is calculated as a percentage of either the transaction price or the government-assessed value, with authorities using the higher of the two amounts.
Additional administrative fees of approximately 100,000 to 500,000 KRW apply for document processing, certificate issuance, and registry office handling charges. Payment must be made at the time of registration, typically within 30 days of the purchase agreement.
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How much are the notary or legal service fees when registering a property purchase in Jeju?
Legal and notary service fees in Jeju Island typically range from 0.5% to 1% of the property transaction value.
For a 500 million KRW property purchase, expect to pay between 2.5 million KRW and 5 million KRW for comprehensive legal services. This includes document preparation, legal review, notarization of contracts, and representation during the registration process.
Most law firms in Jeju offer package deals that cover all legal aspects of the property purchase, including contract review, title search, registration assistance, and post-purchase documentation. Korean-speaking legal services typically cost less than bilingual services for foreign buyers.
Additional costs may apply for complex transactions, such as properties with existing liens, multiple owners, or foreign ownership structures, potentially adding another 500,000 to 1 million KRW to the total legal fees.
What is the typical real estate agent commission for buying a property, and can you give an example in KRW for a mid-range property?
Real estate agent commissions in Jeju Island range from 0.7% to 2% of the property price, typically split between the buyer and seller.
For a 500 million KRW mid-range property, the total commission would be between 3.5 million KRW and 10 million KRW. If split equally, buyers pay approximately 1.75 million KRW to 5 million KRW as their portion of the commission.
Established agencies in popular areas like Jeju City or Seogwipo often charge higher commissions (1.5-2%), while smaller local agents may offer rates closer to 0.7-1%. The commission structure is generally negotiable, especially for higher-value properties or cash purchases.
Some agencies offer reduced rates for foreign buyers who use additional services like translation, legal assistance, or property management, bundling these services into comprehensive packages that may provide better overall value.
Are there appraisal or valuation fees required before purchase, and how much do they usually cost?
Professional property appraisals in Jeju Island are sometimes required and typically cost between 400,000 KRW and 1 million KRW per evaluation.
Lenders often require independent appraisals for mortgage applications, while cash buyers may opt for professional valuations to ensure fair pricing. The cost depends on property size, complexity, and location, with luxury properties or unique structures requiring more comprehensive evaluations.
Standard apartment appraisals in Jeju City typically cost around 400,000 to 600,000 KRW, while detached houses or properties with significant land components may cost 700,000 to 1 million KRW to appraise properly.
Foreign buyers often choose to obtain independent appraisals even when not required by lenders, as it provides additional security and helps verify that the asking price aligns with market values in the specific Jeju neighborhood.
What are the annual property holding taxes in Jeju, like the property tax and comprehensive real estate holding tax, and how much would they be for different property values?
| Property Value (KRW) | Annual Property Tax Rate | Annual Tax Amount (KRW) |
|---|---|---|
| 300 million | 0.15-0.3% | 450,000-900,000 |
| 500 million | 0.15-0.5% | 750,000-2,500,000 |
| 800 million | 0.2-0.5% | 1,600,000-4,000,000 |
| 1.2 billion | 0.3-0.5% | 3,600,000-6,000,000 |
| 2 billion | 0.4-0.6% | 8,000,000-12,000,000 |
The Comprehensive Real Estate Holding Tax (CREHT) only applies to properties exceeding specific thresholds, typically around 1.2 billion KRW for single homeowners and lower amounts for multiple property owners.
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Do non-residents or foreigners face higher property taxes or extra fees compared to Korean residents, and what's the difference in actual numbers?
Foreigners and non-residents pay the same acquisition taxes, registration fees, and annual property taxes as Korean residents for most property purchases in Jeju Island.
The main difference lies in capital gains taxation upon sale, where foreign sellers face rates of 20-30% compared to Korean residents who benefit from progressive rates starting at 6% and reaching up to 45% depending on holding period and profit margins.
For a 500 million KRW property purchase, both Korean and foreign buyers pay identical upfront costs including the 10-20 million KRW acquisition tax, 1-2 million KRW education tax, and 5-15 million KRW registration fees.
However, foreign buyers may face additional scrutiny during the approval process for certain high-value properties, potentially leading to slightly higher legal fees or extended processing times, but not different tax rates.
If the property is a second home or investment property, what additional taxes or higher rates apply and how much more would that be?
Second homes and investment properties in Jeju Island face acquisition tax rates at the higher end of the range, typically 3-4% compared to 2-3% for primary residences.
For a 500 million KRW investment property, this means paying an additional 5-10 million KRW in acquisition tax compared to a first home purchase. The local education tax also increases proportionally, adding another 500,000 to 1 million KRW.
Multiple property owners lose eligibility for various tax benefits and may face the Comprehensive Real Estate Holding Tax at lower thresholds. Second property owners typically hit the CREHT threshold at around 600-800 million KRW total property value instead of 1.2 billion KRW for single homeowners.
Annual property taxes may also apply at higher rates for investment properties, potentially increasing the annual tax burden by 20-50% compared to primary residences.
What are the capital gains tax rates when selling a property in Jeju, and can you show an example calculation for a property sold at a profit of 100 million KRW?
Capital gains tax rates in Jeju Island vary significantly between Korean residents and foreign sellers, with foreigners typically facing flat rates of 20-30%.
For a property sold with a 100 million KRW profit, a foreign seller would pay between 20-30 million KRW in capital gains tax. Korean residents benefit from progressive rates and holding period deductions, potentially paying as little as 6-15 million KRW for the same profit if held for several years.
The exact calculation considers factors including holding period, property type, and seller's residency status. Properties held for more than 2 years by Korean residents qualify for reduced rates, while short-term holdings (less than 1 year) face penalty rates up to 50%.
Foreign sellers cannot benefit from most deductions available to Korean residents, making the effective tax rate consistently higher regardless of holding period or property improvements made during ownership.
Are there any ongoing community or maintenance fees for apartments, condos, or land in Jeju, and what's the usual monthly or yearly cost in KRW?
Apartment and condominium complexes in Jeju Island charge monthly maintenance fees ranging from 100,000 KRW to 400,000 KRW depending on unit size and building amenities.
A typical 84-square-meter apartment (3-bedroom) in a standard complex costs around 200,000-300,000 KRW monthly for maintenance fees covering security, cleaning, elevator maintenance, and common area upkeep. Luxury developments with pools, gyms, and concierge services may charge 400,000 KRW or more monthly.
Standalone houses typically have lower ongoing fees, mainly property management costs if part of a gated community, ranging from 50,000-150,000 KRW monthly. Raw land purchases usually have minimal ongoing fees unless part of a development with shared infrastructure.
These fees are separate from utility costs and typically increase by 3-5% annually. Special assessments for major building repairs or improvements may add temporary surcharges of 50,000-200,000 KRW monthly when needed.
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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.
Understanding property taxes and fees in Jeju Island requires careful consideration of multiple cost components that can significantly impact your total investment.
With upfront costs ranging from 6-12% of property value and ongoing annual expenses of 0.15-0.5%, proper financial planning is essential for successful property investment in Jeju Island.
Sources
- BambooRoutes - Foreigners Buy Property Jeju Island
- BambooRoutes - House Price Jeju Island
- Juwai Asia - Korean Property Investment
- Korea Ministry of Economy and Finance
- BambooRoutes - Jeju Island Property
- Invest Asian - South Korea Real Estate Guide
- BambooRoutes - Jeju Island Price Forecasts
- Deloitte - Korea Tax Highlights 2025