Jeju Island housing market hits record high with number of unsold homes

The number of unsold homes in Jeju, South Korea, despite construction being completed, has reached a record high. Jeju is the second most expensive place to sell after the capital Seoul, and the housing market is slowing.
According to the "Statistics and Status of Housing in Jeju for February 2024" released by the Jeju Province on the 10th, as of February this year, 100,000 homes in Jeju that have been completed but not yet sold were built.
The number of unsold houses reached 1,227, the highest ever. Unsold houses after completion are those that have been completed but have not found a buyer and are left vacant.
The number of completed yet-to-be-sold houses in Jeju Island has been on the rise since surpassing the 1,000 mark in October last year, hitting 1,001 units, and then increasing to 1,059 units in December last year and 1,089 units in January this year.
The total number of unsold homes, including homes yet to be completed, was 2,485. This is a slight decrease from the peak of 2,523 homes in October last year.
The total number of houses in the dong areas in the city center is 1,735 (1,064 in Jeju City and 671 in Seogwipo City), which is 858 more than the 750 houses in the dong areas in the city center (448 in Jeju City and 302 in Seogwipo City).
The average price of a private apartment in Jeju is 7,507,000 won (about 841,000 yen) per square meter, while the average price in Korea is 1,507,000 won (about 1,507,000 yen).
This is the second highest after Wolseong City's 9,226,000 won (US$10,340). It is about 2,140,000 won higher than the national average of 5,366,000 won (US$5,612).
On the other hand, the number of transactions in February was 513, down from the previous month, indicating that the housing market is less active.