Land continues to get more expensive in Jeju, but it’s doing so at a slower pace than in recent years. Mike Balfour reports.

The price of land in Jeju keeps going up.

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According to the Ministry of Land, Infrastructure and Transport, the land price growth rate in Jeju was 4.99 percent last year. Meanwhile, the national average was 4.58 percent.
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(세종) Sejong had the highest increase among cities and provinces in the nation at 7.42 percent.

Seoul, (부산) Busan, (광주) Gwangju and (대구) Daegu followed.

The island placed sixth.


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‘Large developments spur gains in land prices’

The land ministry says that the creation of the island’s second airport, the Jeju Global Education City and the development plan for the (화북) Hwabuk Commercial District raised land prices.

However, the growth rate is dwindling.



Land prices in 2015 soared wildly at 7.57 percent.

After peaking the following year at 8.33 percent, the rate has since steadily gone down.


The number of land transactions is also dropping.



57,915 plots changed hands last year.

That’s a 13.7 percent drop from 67,095 transactions in 2017.


The number of transactions of vacant properties also decreased 16.5 percent. The decrease rate is the third highest among the nation’s cities and provinces.

INTERVIEW
Go Chang-deok / Jeju branch, Korea Association of Realtors
The number of transactions was high two to three years ago. Farmland control and plot division restrictions are holding down the demand.
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"2~3년 전까지만 해도 토지 거래량이 괜찮았는데, 농지기능 강화 방침과 토지분할제한 문제, 두 가지가 토지 수요 억제에 강하게 작용했습니다."

As the zeal for development is cooling down,

[Reporter] Mike Balfour
[Camera] Ko Moon-su
[Graphics] Kim Eun-kyo

the land price increase rate is slowing down and the number of transactions is sharply dropping.

Mike Balfour, KCTV