JEJU, April 28 (Korea Bizwire) – According to the Jeju Special Self-Governing Province, the number of buildings on the island owned by foreign nationals is estimated at 3,310, with nearly 73 percent belonging to Chinese nationals.
The aggregate area of land owned by foreign nationals was estimated at 466,621 square meters, accounting for about 1 percent of the entire island.
When broken down by nationality, Chinese property owners were estimated to own nearly 2,400 buildings, followed by American, Taiwanese and Japanese nationals.
Even in terms of land area, Chinese property owners accounted for over 73 percent of the total among foreign nationals, which means 0.76 percent of the land on Jeju Island is now owned by Chinese businesses, most of which are related to lodging.
Of all foreign-owned properties, 58.2 percent are classified as lodging, while 15 percent are detached houses.
Another 12.6 percent are small privately-owned business establishments, while 9.8 percent are apartment buildings.
However, statistics from the Jeju Provincial Government also showed that the number of new buildings owned by foreign property owners has dropped each year since 2014.
Kang Chang-suk, a Jeju government official in charge of architectural design, said “Chinese nationals own over 70 percent of foreign-owned properties on Jeju both in size and number.
However, the Chinese government’s ban on package tours over the deployment of a THAAD system in South Korea will see the downward trend continue in the foreign property market.”
Ashley Song (email@example.com)