Jeju Auctions Slump Amid Real Estate Downturn

The Jeju auction market continues to struggle, with low bid success rates and bid prices, reflecting the ongoing real estate slump.

According to data from auction platform GG Auction, only 67 of 230 real estate auctions in Jeju last month were successful, with a bid success rate of 29.1%.

The ratio of winning bids to appraised values stood at just 59.4%. Land auctions fared the worst, with a bid success rate of 23.3% and a bid-to-appraisal ratio of 47.7%.