The land price fluctuation rate in the second quarter of this year was the only city or province in the country where only Jeju fell.

According to the Ministry of Land, Infrastructure and Transport's announcement of land price volatility in the second quarter of this year (April to June), Jeju Island's land price volatility rate fell 0.62%.

Seogwipo City fell 0.66%, the largest land price drop rate in the country, and Jeju City fell 0.59%, the second place in Seogwipo City.


The Ministry of Land, Infrastructure and Transport analyzed that the number of tourists visiting Jeju decreased due to the new coronavirus infection and the real estate purchase sentiment contracted and land prices fell.

In addition, the real estate prices were lowered due to the local economic downturn, such as sluggish development projects at the second airport, and unsold housing.

Since 2018, the real estate economy has stagnated, and the land price volatility rate fell 0.14% in the second quarter of last year. The quarter showed a decline rate of 0.94%.

Jeju had the highest land price growth rate in the country, from 2014 to 2015, when the land price fluctuation rate increased to around 7.6%.

In the survey of the Ministry of Land, Infrastructure and Transport, the nationwide average land price rose 0.79% in the second quarter of this year.

The regions with the highest land price change rates were Seoul (1.02%), Gyeonggi (0.93%), and Incheon (0.91%).

(Yonhap News/Photo = Provided by the Ministry of Land, Infrastructure and Transport)