[SBS News Story] Jeju Real Estate in Tears

2024-05-17 15:41:03

The number of ‘unsold houses after completion’, which is evaluated as a bad quantity, is 1,239, accounting for 49.9% of all unsold houses on Jeju Island.

Over the past 10 years, housing prices in Jeju Island have risen endlessly due to the influx of Chinese capital and a rapid increase in population due to the Jeju living craze.

In fact, the average apartment sale price in Jeju was 24.77 million won per 3.3㎡ (1 pyeong), the third highest in the country after Seoul and Daegu.

Eventually, when the real estate recession hit, Jeju Island's ultra-high-price sales frenzy became the main cause of putting the entire Jeju real estate market in crisis.

 

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