Realty Price Trends
The real estate prices of Jeju Island are continuing to rise, with Chinese investors rushing in to benefit from its investment immigration program.
The Ministry of Land, Infrastructure & Transport announced on March 27 that the price jumped 0.53 percent in Seogwipo City last month, which is the highest rate of increase in the country. The national average increased 0.14 percent during the same period. Seoul City gained 0.21 percent to continue a six month upward trend.
The remarkable rise in Seogwipo can be attributed to the completion of the initial phase of the Innovation City Construction Project scheduled in the near future, and the resort development boom led by Chinese investors.
Naju City, South Jeolla Province followed the region with a monthly growth rate of 0.49 percent, thanks to the progress of the Innovation City Construction Project as well.
Meanwhile, the Deokyang District of Goyang City, Gyeonggi Province showed the least price increase, due to the sluggish housing development as of late. The total land transaction volume added up to 204,902 lots and 146.83 million square meters last month to increase by 44.6 percent and 11.6 percent from a year ago, respectively.