Continued Interest in Outsider Investment in Jeju Island... 'Forena Jeju Edu City' Remains Popular

- From Q1 to Q3 this year, 25.4% of apartments and houses and 33.5% of land in Jeju real estate were invested by non-locals
- Steady interest from non-locals in new apartments... 1 in 4 contract holders of ‘Forena Jeju Edu City’ are external investors

Interest from non-local buyers in Jeju Island real estate has remained steady. In fact, investments by outsiders continue to be active in Jeju's sales market.

According to data from the Korea Real Estate Board on real estate transaction status, the purchase ratio of non-locals (from Seoul/other regions) for Jeju Island real estate (apartments and houses) from the 1st to 3rd quarter of this year was recorded at 25.4%. This means that one out of every four buyers is a non-local. Investment in land is even more active. During the same period, the purchase ratio of land in Jeju by non-locals was 33.5%.

This active external investment in Jeju real estate is interpreted as investors’ interest in securing rental income through the English Education City and tourism demand, as well as aiming to preempt future value by avoiding regulations.

In particular, the English Education City, which is gaining attention as a new residential area in Jeju, is expected to see increased demand due to plans for expansion and additional establishment, and local real estate officials say that interest continues steadily as a result.

A representative from S Real Estate Agency in Daejeong-eup, Seogwipo City, said, “In the English Education City area, inquiries from non-local parents who want to send their children to international schools and investment-related inquiries aiming to generate income from this demand are continuously ongoing,” adding, “Therefore, the ratio of non-locals owning houses in Seogwipo City is higher than in Jeju City.”

As a result, interest from non-locals in new apartments being sold near the English Education City in Jeju continues. In fact, 'Forena Jeju Edu City,' supplied by Hanwha Construction Division in the Daejeong-eup area of Seogwipo City, Jeju, located just 5 minutes by car from the Jeju English Education City, is known to have a non-local buyer ratio approaching 25%.

Lee Jung-seok, sales director of Forena Jeju Edu City, said, “One out of every four contracting teams is an investor from Seoul, the metropolitan area, or other regions,” and added, “Jeju has a concept of receiving one year’s rent at once, and contracts for investment purposes aiming to generate income through this are steadily being made.”

‘Forena Jeju Edu City,’ which is attracting the attention of non-local investors in Jeju, is a large-scale apartment complex consisting of 29 buildings from basement level 1 to 5 floors above ground, with a total of 503 units ranging from 84 to 210㎡ in exclusive area. Compared to other complexes already sold in Jeju, it features a variety of unit sizes from medium to large.

Forena Jeju Edu City boasts a total floor area of 117,616㎡ (equivalent to 16 soccer fields) and a maximum height of 5 floors, providing a pleasant residential environment. In particular, the complex incorporates landscaping over approximately 36,000㎡ (about 3.4 times the grass area of Seogwipo World Cup Stadium), securing a landscaping ratio of over 40%, and the layout is designed to be car-free on the ground, creating a park-style eco town.

Additionally, four community facilities including a park community and sunken community are arranged considering residents’ movement paths. It is the only complex in the project area to have separate main and secondary entrances, reducing congestion during commuting and school hours. Furthermore, an underground parking lot with 1.9 spaces per household has been built to ensure ample parking.

Within the complex, various facilities such as ‘Merry Kids Ground (themed playground),’ ‘Play Ground (children’s playground),’ and ‘Resident Fitness Center’ will be provided. The residents’ community facility (Club Forena) spans three floors from basement level 1 to the 2nd floor and includes a GX room, golf training center, small library & book caf?, reading room, guest house, study rooms, laundry caf?, daycare center, Forena preschool, and senior citizens’ center.

Forena Jeju Edu City is currently operating a model house, with move-in scheduled for January 2025.