The local real estate market is as hot as the summer heat. Land prices rose sharply in the first half of the year, the highest increase in the nation. Mike Laidman reports
Jeju’s real estate market was the hottest in the country during the first six months of this year.

[Slug] Land prices rise at 5.71%, fastest nationwide

A report by the Ministry of Land, Infrastructure, and Transport shows that land prices in Jeju rose at the fastest pace in the country during the first half of 2016.

Land prices here rose by more than five times the national average, at a huge 5.71 percent. This is now the third straight quarter that Jeju land price increases were the highest in Korea. Prices have risen for eleven consecutive quarters, ever since the fall of 2013.

By region, prices in Seogwipo rose 6.07 percent, while up north in Jeju City, a slightly more mild 5.49 percent. These were the first and second highest, respectively, among the nation's 252 cities.

The largest increases were recorded in Seogwipo's Pyoseon-myeon and Gujwa-eup regions, where land prices were up a staggering 8 percent.

These were were followed by Seogwipo's Seongsan-eup and Namwon-eup, and then Jocheon-eup in Jeju City, all at about 7 percent. All these areas are located in eastern Jeju. Jeju's new airport plan has contributed to the rise in prices.

[Slug] Jeju land transactions rise 12.8%, 2nd highest nationwide

Alongside the price hikes, land sales were also brisk from January through to June.
Land transactions within the island rose 12.8 percent during the first six months of 2016 when compared to the corresponding period in 2015.

Among the country's provinces and major cities, only (강원) Gangwon Province recorded a higher rate.

The land ministry expects that demand for land to continue even if the province's new measures are having somewhat of an effect on deterring investors from land speculation.

INTERVIEW
Seong Gi-jun / Representative, Ministry of Land, Infrastructure and Transport
The rises follow the island's huge development projects and high demand for foreign investment on the second airport. Since the province designated Seongsan a special zone where authorization is required for land transactions and with stricter control on farmland, prices have steadied for now.
<전화인터뷰: 성기준/ 국토교통부 부동산평가과>
"각종 개발 사업, 외지인 투자수요 증가, 작년 제2공항 건설 계획 발표 이후 높은 지가상승률을 기록하고 있습니다. 성산읍을 토지거래 허가구역으로 지정하고 농지기능관리를 강화함에 따라 토지가격 급등세는 완화되고 있지만 상승세는 당분간 지속될 것으로 판단합니다."

[REPORTER] Mike Laidman [Camera] Kim Seung-cheol

Jeju Island’s non-stop development is key to this leading growth, and has set Jeju squarely on top of all the Korean provinces when it comes to land prices.

Mike Laidman, KCTV