Jeju, 1,227 Unsold Units After Completion... Record High

The Sale Price is the Second Highest Nationwide After Seoul

The number of unsold, completed housing units classified as malignant unsold properties is increasing in Jeju.

According to Jeju Province's "February 2024 Jeju Housing Statistics and Status" released on the 10th, the number of unsold housing units after completion in Jeju reached a record high of 1,227 units as of February. Unsold housing after completion refers to houses that have been finished but remain vacant because they have not found owners. This is considered the worst case among unsold housing.

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The number of unsold housing units after completion in Jeju exceeded 1,000 units in October last year, then increased to 1,059 units in December last year and 1,089 units in January this year. The total number of unsold housing units, including those not yet completed, was counted at 2,485 units. This is slightly lower than the highest level of 2,523 units recorded in October last year.

The rural areas accounted for 1,735 units (Jeju City 1,064, Seogwipo City 671), which is 858 units more than the 750 units in the urban dong (洞) areas (Jeju City 448, Seogwipo City 302). By region, the ranking is as follows: Aewol-eup, Jeju City with 616 units; Daejeong-eup, Seogwipo City with 376 units; Andeok-myeon, Seogwipo City with 293 units; Jocheon-eup, Jeju City with 263 units; Hangyeong-myeon, Jeju City with 185 units; Ara-dong, Jeju City with 118 units; Hahyo-dong, Seogwipo City with 74 units; Hwabuk-dong, Jeju City with 68 units; Iho-dong, Jeju City with 64 units; and Gangjeong-dong, Seogwipo City with 58 units.

In Jeju, the average sale price of private apartments is 7,507,000 KRW per square meter, which is more expensive than the national average of 5,366,000 KRW and the second highest in the country after Seoul at 9,226,000 KRW. In February, Jeju housing transactions totaled 513 cases, decreasing from the previous month, indicating a frozen housing market.