Housing boom on Jeju Island

by andrey | August 7, 2017 1:58 pm

Jeju Island is the most popular sightseeing area in Korea, and it attracts many visitors daily. In the past few years, more and more Chinese visitors have come to Jeju Island, trying to purchase land and build vacation homes there.

“Now, 80 percent of the costumers I receive come from China,” house agent Ma Xin said. “Many real estate projects are started by Chinese investors and their target market is exactly Chinese people.” It is reported that the total house property area of Chinese in Jeju has increased to 485,000 square meters, and has been more and more on the rise, compared with 49,000 square meters recorded in 2009.

But why Chinese are so keen on purchasing houses in Jeju? One of the reasons is that, Jeju is close to large cities like Dalian, Beijing, Shanghai. It only takes an hour and a half to fly to Jeju from Shanghai, and the ticket prices are even lower than that of domestic flights. Besides, Jeju is a beautiful place with clean air and warm temperatures. Comparing with the cities troubled by haze and air pollution in China, Jeju is an absolutely attractive alternative. To some degree, it is the Korean government who is responsible for this phenomenon, because the government allows Chinese visitors to apply for a landing visa, so all the visitors need to get to Jeju is an airline ticket. However, the most inportant factor is South Korea’s immigration policy which allows Chinese people to apply for a permanent residence in Korea as long as they investa certain amount of money into Korea.

Affected by the financial crisis of 2008, Jeju’s economic development was a not in a good condition. Chinese purchasers did do a favor to Jeju and even showed the local people brighter prospects, but the problems coming along also need to be considered.

A Korean living in Jeju complained on the Internet that he hated the fact that more and more Chinese people were buying houses in Korea and moving to Jeju, though he knew that Chinese people would not live here for a very long time. He just noticed that the more purchasers from China, the higher the housing price would be, and this would cause homes to be unaffordable for the local Koreans, creating an unfair situation whee only rich outsiders could live on Jeju.



Source URL: https://pc2018.com/housing-boom-on-jeju-island/