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SUMMARY
Where should you buy property in Jeju Island? Nohyeong-dong is the strongest choice for most investors right now, with Yeon-dong and Ido offering good Jeju City alternatives and Donghong or Kangjeong standing out in Seogwipo.
The island-wide market is weak enough that location matters more than ever. Jeju's population has slipped, migration has turned less favorable, and unsold housing has climbed above 3,300 units, so there is less room for a mediocre property to be rescued by broad market growth.
Liquidity is one of the clearest dividing lines. Nohyeong and Yeon-dong continue to record large numbers of apartment transactions across several price brackets, while many coastal and rural areas rely on a much thinner pool of future buyers.
That makes some of Jeju's more expensive neighborhoods safer than apparently cheaper alternatives. Paying more for an apartment with repeated comparable sales can be a better investment than getting a large discount on an isolated villa that may be difficult to price or resell.
Jeju City remains the strongest part of the island for ordinary residential demand. Nohyeong has the deepest all-round market, Yeon-dong offers a cheaper central-city entry point, and Ido or Ara make more sense when schools, daily services and family livability matter.
Seogwipo is cheaper, but the useful opportunities are concentrated. Donghong offers the best value case because it combines relatively low prices with meaningful transaction activity, while Kangjeong works better for buyers targeting newer family apartments around the middle and upper end of the local market.
The coast needs a different lens. Aewol, Hamdeok and Jocheon can be excellent places to own a home, but the lifestyle premium does not automatically translate into investment performance. In these markets, the individual property's road access, land, construction, view and local buyer pool matter more than the neighborhood name.
Two once-obvious growth stories now deserve much more skepticism. International-school enrollment has fallen sharply in Jeju Global Education City, weakening the captive housing demand around Daejeong, while Seongsan's second-airport project is progressing but still does not justify buying generic nearby housing on an airport narrative alone.
Apartments are currently the easier investment vehicle. They have clearer comparable transactions, more standardized characteristics and a broader resale market than detached homes, which can vary enormously according to land, road frontage, building condition and legal use.
For most buyers, roughly ₩300 million to ₩600 million is the useful part of the market. That budget is high enough to choose among functioning residential neighborhoods but still low enough to avoid paying trophy-property prices for assets whose scarcity is questionable.
The common thread is simple: in today's Jeju market, visible demand beats promised demand. The better purchases are in neighborhoods where residents already live, rent and repeatedly buy, rather than places that need tourism growth, school recovery or future infrastructure to make the numbers work.
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Is Jeju Island actually a good place to buy property right now?
Jeju Island is worth buying in now only if we are very selective about the location; buying the island-wide story is a weak investment thesis these days.
The backdrop has become much tougher. Jeju's total population was about 700,700 in 2023. The island's official population platform now puts the combined Korean and foreign population at roughly 691,100, while the population growth rate was -0.7% in 2025. Domestic migration has also flipped from the huge inflows of the mid-2010s to net outflows.
At the same time, housing inventory is becoming harder to ignore. Ministry of Land data show 3,303 unsold homes at the latest count, up 13.5% in a single month and the highest level in the available series. Even more striking, 2,364 of them were already completed. That means about 72% of Jeju's unsold stock is sitting finished rather than waiting for construction.
The trajectory is more useful than the headline. Unsold homes fell to 836 at the end of 2021, then climbed to 1,676 in 2022, 2,499 in 2023 and 2,807 in 2024. They dipped somewhat afterward but are now above 3,300. Jeju's attempt to clear some of that inventory through tax incentives and developer discounts had reportedly produced only 10 actual sales in its first two months.
That gives buyers leverage, but it also tells us where to be careful. These days we would rather pay a fair price for a liquid apartment in an established neighborhood than get a spectacular discount on a home nobody wanted at the original price.
| Jeju property market indicator | Earlier level | Latest useful reading | What we take from it |
|---|---|---|---|
| Total population | ~700,700 in 2023 | ~691,100 | Resident demand has weakened |
| Population growth | Positive during boom years | -0.7% in 2025 | Island-wide growth can no longer carry poor locations |
| Unsold homes | 836 at end-2021 | 3,303 | Inventory has roughly quadrupled |
| Completed unsold homes | Much lower historically | 2,364 | Most unsold inventory is already finished |
| Completed share of unsold stock | — | ~72% | Weak projects are proving difficult to clear |
Why is choosing where to buy in Jeju harder than it looks?
Choosing where to buy in Jeju is unusually tricky because Jeju City, Seogwipo, the tourist coast and the international-school corridor rely on very different buyers.
Someone moving permanently to Jeju will usually care about schools, hospitals, supermarkets, workplaces, parking and commuting. A holiday-home buyer may care much more about ocean views, cafés and beaches. An international-school family has another map entirely. A speculative buyer watching the second airport is effectively making a fourth kind of bet.
Jeju's geography makes those differences stick. Hallasan divides the island, there is no subway connecting the major population centers, and regular life remains heavily car-dependent. A house on the eastern coast can look close to Jeju City on a map while still sitting outside the daily housing market of most city residents.
Tourism adds another layer. Jeju still attracts well above 10 million visitors a year, so there is clearly no shortage of people who want to visit the island. But a busy beach does not guarantee a deep resale market for nearby homes.
That distinction controls the ranking. The safest areas are where people already live and repeatedly transact. The more speculative areas depend on tourism, schools or future infrastructure continuing to deliver.
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Is Nohyeong-dong the best place to buy property in Jeju?
Nohyeong-dong is our first choice for a normal Jeju property investment right now because few places on the island combine its level of demand, transaction activity and everyday convenience.
Current Ministry of Land transaction data compiled by Aptbong show about 109 apartment sales in Nohyeong so far this year, with an average price around ₩451 million. That number includes everything from small older apartments to expensive family complexes, so we should not use the average as a valuation guide. The useful part is the volume.
Several individual complexes are trading repeatedly rather than relying on one exceptional sale. Booyoung 2 alone has recorded more than 20 transactions around the low-₩300 million range. Nohyeong Tteuranché has traded around the mid-₩500 millions, while Jungheung S-Class has averaged above ₩800 million. Nohyeong e-Pyeonhansesang has also produced multiple transactions around the high-₩800 million range.
That spread is exactly what we want to see. There is a market for cheaper apartments, middle-market family homes and expensive units within the same neighborhood. A future seller therefore has more than one type of buyer to rely on.
Nohyeong is not cheap, and we would not chase every new development there. But when the broader Jeju market is soft, paying for liquidity makes more sense than saving 15% or 20% on an isolated property that may take much longer to sell.
| Nohyeong apartment evidence | Current reading | What it tells us |
|---|---|---|
| Apartment sales this year | ~109 | One of Jeju's deepest neighborhood markets |
| Average transaction | ~₩451m | Wide range of unit types |
| Booyoung 2 transactions | 20+ | Strong lower-price liquidity |
| Nohyeong Tteuranché average | ~₩576m | Active family market |
| Jungheung S-Class average | ~₩822m | Premium buyers are still transacting |
| Nohyeong e-Pyeonhansesang average | ~₩861m | High-end demand is not based on one sale |
Is Yeon-dong a better deal than Nohyeong-dong?
Yeon-dong can be a better Jeju property deal than Nohyeong if we buy the right building, because it keeps the central location while giving us more older and lower-priced stock to choose from.
Yeon-dong sits next to Nohyeong and remains close to Jeju Airport, provincial government offices, shops, restaurants and a large concentration of jobs. Transaction activity is also strong. More than 100 apartment sales have been recorded there this year, putting Yeon-dong in the same broad liquidity tier as Nohyeong.
The average apartment transaction is considerably lower, around the high-₩200 million range, although that gap needs to be handled carefully. Yeon-dong contains more small and older apartments, so it would be wrong to conclude that an equivalent home simply costs 35% less than in Nohyeong.
This is where building-level research matters. An older apartment with poor parking and limited redevelopment prospects can deserve a large discount. Another older complex on a strong site may be exactly where the opportunity lies.
If we had ₩300-400 million rather than ₩600-800 million, we would search Yeon-dong very seriously before giving up central Jeju City and moving to a weaker location.
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Are Ido and Ara good places to buy a family home in Jeju City?
Ido and Ara are among the better places to buy a family home in Jeju City today, especially when everyday livability matters more than tourism or short-term rental potential.
Ido 2-dong is already a well-established residential market with schools, shops and easy access to central Jeju City. Apartment transactions this year have averaged around the mid-₩400 million range, although the exact figure jumps around depending on which complexes sell.
Ara has a different feel. Development is newer in many parts, Jeju National University is nearby, and the neighborhood has expanded as a family-residential alternative to the denser central districts.
We slightly prefer Ido for an investor who cares about proven resale demand. Ara becomes more attractive for someone who intends to live in the property and values newer housing.
Both areas still have one big advantage: they rely on real Jeju City households. With the island's resident population currently shrinking rather than expanding, we put more weight on existing schools, hospitals, shops and workplaces than on neighborhoods whose case depends mainly on future growth.
Is Aewol still worth buying, or are Hamdeok and Jocheon better?
Aewol can still be worth buying for lifestyle value, but Hamdeok and Jocheon often make more sense when we want coastal Jeju without paying purely for the Aewol name.
Aewol's appeal is easy to understand. It has become one of Jeju's best-known coastal areas, with cafés, restaurants, beaches, detached homes and relatively convenient access toward Jeju City and the airport. Buyers also know the name, which helps.
The weakness is the housing itself. Aewol listings mix apartments, villas, pensions, newly built detached houses and rural properties with wildly different road access, land characteristics, construction quality and views. The postcode tells us much less than it does in Nohyeong.
Hamdeok has a genuine tourism anchor around Hamdeok Beach, while the broader Jocheon area gives us a mix of local residents, accommodation businesses and coastal demand. Both retain reasonable access to Jeju City.
We would compare properties rather than choose a coastal brand. A normal residential property in Jocheon or close to Hamdeok can be more attractive than an expensive Aewol house carrying a sea-view premium.
For a pure investment, all three still sit below central Jeju City in our ranking. For someone who will use the home personally, the equation changes because the lifestyle itself becomes part of the return.
| Coastal area | Main appeal | Access to Jeju City | Resale market | Our view |
|---|---|---|---|---|
| Aewol | Lifestyle, cafés, west coast | Good | Very property-specific | Best for selective lifestyle buying |
| Hamdeok | Beach and tourism | Good | Moderate | Interesting hybrid option |
| Jocheon | Local life + coast | Good | Moderate | Often better value |
| Remote east/west coast | Scenery | Weaker | Thin | Mostly personal-use territory |
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Is Seogwipo City actually cheaper than Jeju City?
Seogwipo City is clearly cheaper than Jeju City right now, but the discount is useful only in neighborhoods where enough local buyers still transact.
Current apartment data show average Seogwipo transactions around the high-₩200 million range compared with roughly the mid-₩300 millions across Jeju City. Transaction volume is also far lower in Seogwipo.
The concentration inside Seogwipo is more interesting than the city-wide average. Donghong has produced around 70-plus apartment sales this year. Kangjeong has recorded more than 40, with Jungmun also around that level. Many smaller areas barely trade by comparison.
So we would not buy somewhere simply because it is “Seogwipo.” The market becomes much easier to understand once we narrow it to a few functioning residential clusters.
For buyers priced out of the strongest Jeju City neighborhoods, that creates genuine opportunities. Seogwipo can cut the entry price substantially without forcing us into an isolated rural property.
Should you buy in Donghong-dong or Kangjeong-dong?
Donghong-dong is our value pick in Seogwipo, while Kangjeong-dong is the stronger choice for buyers who want newer and more expensive family housing.
Donghong has recorded roughly 70-plus apartment transactions this year, with an average around the low-₩200 million range. Older Donghong Jugong apartments can still trade in roughly the ₩100 million range, while better and newer complexes move much higher.
That wide price ladder gives Donghong an advantage. First-time buyers, retirees, investors and families can all enter at different levels, which keeps the local market broader.
Kangjeong is more expensive. Recent 84-85 m² transactions in better-known complexes have repeatedly landed around ₩425-575 million. The repetition is more convincing than any record sale because it shows that families are actually clearing homes around the ₩500 million mark.
We would choose Donghong if the goal is affordability or rental value. We would choose Kangjeong if we wanted newer housing and expected the eventual buyer to be another middle- or upper-middle-income family.
| Seogwipo area | Approx. transaction activity this year | Broad price level | Best fit |
|---|---|---|---|
| Donghong | 70+ | Low-mid | Value and rental buyers |
| Kangjeong | 40+ | Mid-high | Newer family housing |
| Jungmun | ~40 | Mid | Tourism/residential hybrid |
| Seohong | ~30 | Low-mid | Local residential buyers |
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Is Jungmun a good place to buy property for tourism?
Jungmun is one of Jeju's strongest tourism districts, but we would buy there only when the property also works as normal residential housing.
The resort area gives Jungmun something many Jeju neighborhoods lack: a tourism economy that is unlikely to disappear because one café trend fades. Hotels, attractions, beaches and large visitor flows have been built up over decades.
Residential transactions also exist at meaningful prices. Roughly 40 apartment sales have been recorded this year, and better family apartments can reach well above ₩500 million.
The mistake would be to value every nearby home as though resort visitors were potential tenants or buyers. Many tourists sleeping in Jungmun have no reason to enter the residential property market.
Our preferred Jungmun purchase would therefore be an apartment or house that a local household could comfortably occupy even if tourism stopped growing. Tourism can then provide extra upside rather than holding the whole investment thesis together.
Is Jeju Global Education City still worth buying into?
Jeju Global Education City has become a much riskier property bet because international-school demand is still valuable, but the number of students supporting that demand has fallen sharply.
Jeju's four international schools had 4,868 students in 2023, according to data released by the provincial government. Enrollment dropped to 4,638 in 2024 and 4,133 in 2025.
That is a decline of 735 students, or roughly 15%, in two years. More worrying, the fall accelerated: enrollment dropped 4.7% in the first year and another 10.9% in the next. School occupancy went from 84.5% to 71.7%.
The property market around Daejeong and the education city was built partly around a very specific tenant and buyer pool: families who wanted to live close to KIS Jeju, NLCS Jeju, Branksome Hall Asia or St. Johnsbury Academy Jeju. Losing hundreds of students directly reduces that captive demand.
High-end homes still sell there. The schools are still operating, and the district still offers something unusual in Korea. We just would not pay the old “international-school premium” without asking how much of that premium is already being repriced.
At the right discount, large family housing there could become interesting. At a price that assumes enrollment will quickly return to its previous peak, we would pass.
| Jeju international schools | 2023 | 2024 | 2025 |
|---|---|---|---|
| Students | 4,868 | 4,638 | 4,133 |
| Annual change | — | -4.7% | -10.9% |
| Occupancy | 84.5% | Lower | 71.7% |
| Two-year student change | -15.1% |
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Should you buy in Seongsan because of Jeju's second airport?
Seongsan is a real infrastructure speculation now, but we still would not buy an ordinary home there purely because Jeju's second airport is coming.
There has been concrete progress. The Jeju Regional Office of Aviation shows a ₩24.761 billion basic-design contract running through September 2026. A separate environmental-impact assessment contract worth roughly ₩4.697 billion runs through December 2026.
That is much more substantial than a political promise or a preliminary study. The project is going through actual design and environmental work.
What we still do not have is a functioning airport, and the difference is huge for a property investor. Planning, environmental review, construction, infrastructure around the site and actual passenger operations can stretch over many years.
There is also a more basic investment problem. If the airport eventually transforms eastern Jeju, the biggest gains may accrue to particular parcels of commercial or developable land rather than to a random villa several kilometers away.
We would consider Seongsan only when we understood the exact parcel, zoning, road access and future development around it. Buying generic housing because “airport prices will rise” is too loose a thesis for us.
Should you buy an apartment or a detached house in Jeju?
An apartment is the better Jeju property investment for most buyers today because we can price it, rent it and resell it with much more confidence.
Nohyeong shows the advantage clearly. More than 100 apartment sales have already taken place there this year, and individual complexes often have several comparable transactions. If we want to know what a 59 m² or 84 m² apartment is worth, we have actual evidence.
Detached houses are much harder. Two properties with the same floor area can have completely different values because of land size, road frontage, slope, ocean views, building condition, parking, drainage and legal use.
That does not make detached homes bad purchases. A beautiful coastal house can be a great asset for someone who wants to spend part of the year in Jeju. An experienced buyer may also find mispriced land or buildings that a standardized apartment buyer would overlook.
But if our goal is mainly financial, we prefer the boring liquidity of a good apartment. In the current Jeju market, being able to find the next buyer matters more than owning something unique on paper.
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Where in Jeju has the best rental demand?
Jeju City's established neighborhoods still give landlords the strongest rental base because tenants there need housing for daily life rather than for a holiday or one specific institution.
Nohyeong stands out because of its large apartment stock, commercial activity, schools and access to jobs. Yeon-dong has similar advantages at somewhat lower purchase prices, particularly for smaller homes and older apartments.
The jeonse market also gives us another way to judge tenant demand. In stronger Nohyeong complexes, jeonse deposits can represent a large share of the purchase price. A high deposit is not the same as a good rental yield, but it tells us households are willing to commit a lot of capital to live there.
Donghong is the lower-cost Seogwipo alternative. Purchase prices are much cheaper, and the neighborhood has enough permanent local demand to support a normal rental market.
We are more cautious with Education City because the tenant pool is concentrated around international-school families. Coastal tourist locations create another kind of risk: plenty of visitors can coexist with an ordinary long-term rental market that is much thinner than expected.
| Rental area | Purchase cost | Tenant base | Main risk | Our view |
|---|---|---|---|---|
| Nohyeong | High | Families, professionals | Paying too much | Strongest overall |
| Yeon-dong | Medium | Workers, singles, families | Older stock varies widely | Strong |
| Donghong | Low-mid | Local Seogwipo residents | Lower appreciation ceiling | Good value |
| Education City | Mid-high | School families | Student numbers falling | Selective |
| Coastal tourist areas | Extremely variable | Mixed | Seasonal and property-specific demand | Less predictable |
How should a foreign buyer approach Jeju property?
Foreign buyers can own Jeju property, but we would choose the home for its Korean resale market rather than expect foreign demand or immigration benefits to rescue a weak purchase.
Korean rules allow foreign real-estate ownership, although special permission can apply to certain protected land, including military, cultural and ecological zones. Rural or unusual parcels therefore need more legal checking than a straightforward urban apartment.
Jeju's old reputation as an easy property-to-residency destination also needs updating. The investment-immigration program was changed into the Tourism and Recreation Facility Investment Immigration Program, and the qualifying investment threshold was raised from ₩500 million to ₩1 billion. An ordinary apartment purchase should never be assumed to provide residency rights.
If we are foreign buyers, the future buyer of our Nohyeong apartment will probably still be Korean. The future tenant is also likely to be someone living and working locally. We should therefore care about exactly the same things local buyers care about: schools, parking, transport, building quality and price.
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How much should you spend on property in Jeju?
The most useful Jeju buying range today is roughly ₩300-600 million because that budget reaches several functioning markets without forcing us into either poor-quality cheap housing or trophy property.
Below about ₩300 million, Donghong becomes interesting, along with older apartments in Jeju City. We would rather own an ordinary ₩200 million apartment in a neighborhood with repeated transactions than a similarly priced detached home far from daily services.
Between roughly ₩300 million and ₩500 million, the choice gets much better. Yeon-dong, parts of Nohyeong, Ido and several stronger Seogwipo areas start competing for the same money.
At ₩500-700 million, buyers can access good family apartments in Nohyeong, Kangjeong and other established locations. At that budget, we become less forgiving of weak liquidity because there are already plenty of credible alternatives.
Once the budget goes above ₩700 million, we would want genuine scarcity: a top apartment complex, exceptional site, unusually good land or a home we personally value. Simply buying more square meters does not make a Jeju property scarce.
So where should you buy property in Jeju Island?
Nohyeong-dong is the best place to buy property in Jeju Island for most investors right now, while Yeon-dong and Ido are our next choices in Jeju City and Donghong or Kangjeong are the strongest alternatives in Seogwipo.
Nohyeong wins because people already live there, rent there and repeatedly buy apartments there across several price levels. That sounds obvious, but it becomes much more valuable when the island's overall population is declining and weak projects are having trouble finding buyers.
Yeon-dong is where we would hunt for a cheaper central-city deal. Ido works particularly well for families. Donghong is our choice for value in Seogwipo, while Kangjeong makes more sense for buyers who want newer, better-quality family stock.
We would move farther down the risk curve only for a clear reason. Aewol, Hamdeok and Jocheon work when lifestyle is part of the return. Jungmun becomes interesting when the home works for both residents and the tourism economy. Education City now needs a discount because its school population has fallen. Seongsan offers potentially large airport-related upside, but the property has to benefit from the airport itself rather than merely sit somewhere nearby.
With Jeju's unsold inventory rising, one principle is especially important these days: a cheap property can stay cheap for a long time when the local buyer pool is thin. We would rather buy where demand is already visible than try to predict where people might eventually appear.
| Buyer | Where we would look first | Next choice | Where we would be more careful | Main reason |
|---|---|---|---|---|
| Pure investor | Nohyeong | Yeon-dong / Ido | Remote coast | Resale depth |
| Lower-budget investor | Donghong | Older central Jeju | Cheap rural villas | Local demand already exists |
| Family buyer | Nohyeong / Ido | Kangjeong / Ara | Tourism-only areas | Daily livability |
| Lifestyle buyer | Aewol | Hamdeok / Jocheon | Overpriced new coastal projects | Personal use changes the return |
| International-school family | Education City | — | Buying purely for appreciation | School access remains useful despite weaker enrollment |
| Speculative buyer | Seongsan | — | Generic airport-themed housing | Airport project is moving, but execution still takes time |
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OUR METHODOLOGY
There is no single statistic that can reliably tell us where to buy property in Jeju Island. Different parts of the island are driven by different forces, so we broke the question into the factors that most directly affect a property's investment case: transaction depth, local housing demand, demographic direction, rental demand, the type and comparability of the housing stock, exposure to tourism or other concentrated sources of demand, and dependence on future infrastructure or policy changes.
For each of those dimensions, we used the freshest relevant evidence available and gave priority to official statistics, reported real-estate transactions and direct government project records. Repeated transactions carried more weight than an exceptional sale, demand that already exists carried more weight than projected demand several years ahead, and neighborhood-level evidence carried more weight than island-wide averages when the two pointed in different directions.
We also kept several superficially similar indicators separate. Tourism traffic was not treated as residential demand, a low purchase price was not treated automatically as good value, and progress on a major infrastructure project was not assumed to benefit every nearby property. The same principle was applied to international-school housing: school access can remain valuable even while a shrinking student population weakens the wider investment case.
The final ranking is a synthesis rather than a mechanical score. An area moved higher when several independent pieces of evidence supported the same conclusion and the case did not depend on one narrow assumption. Areas moved lower when demand was thin, highly property-specific or dependent on a future catalyst that has not yet produced a functioning housing market.
The budget ranges and buyer profiles use the same approach. They are not official market categories. They reflect the parts of Jeju's market where the transaction evidence suggests buyers can realistically choose among several credible properties rather than being pushed into unusually illiquid, specialized or speculative stock.
Key demographic sources include Jeju Special Self-Governing Province's Population Big Data, Jeju's registered Korean and foreign population data, and KOSIS internal migration statistics. Housing-supply and inventory figures come from the Ministry of Land, Infrastructure and Transport's unsold new housing statistics and Jeju's own housing-statistics releases.
Neighborhood and building comparisons are based primarily on transactions reported through the Ministry of Land, Infrastructure and Transport Real Transaction Price Disclosure System, including its building- and neighborhood-level GIS records. Tourism context comes from the Jeju Tourism Big Data Platform and the 2025 Jeju Visitor Survey.
For the more specialized parts of the ranking, we used direct sources where possible: the Jeju Regional Office of Aviation's second-airport basic-design record and environmental-assessment documentation, the Real Estate Transaction Reporting Act for foreign-acquisition rules, and the Ministry of Justice and Korea Immigration Service for the investment-immigration framework. International-school enrollment figures were taken from reporting based on data released in connection with the provincial government's discussions with Jeju's four international schools.
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