▲ Shinhwa World Jeju is part owned by Chinese company Landing International Photo courtesy Jeju Special Self-Governing Province
According to data released by the Ministry of Land, Infrastructure and Transport, almost 2 percent of all island properties are owned by non-Koreans.
Headline Jeju reports that the rate of foreign ownership of buildings has increased steadily over the last three years. As of December 2016, 1.9 percent of all buildings - 3,119 in total covering approximately 450,000 square meters - was in foreign hands.
Altogether, there are 1,652 Chinese-owned properties (mostly hotels and condos), accounting for 73 percent of all foreign-owned property by area. This is followed by 12 percent owned by Americans, 4 percent by Taiwanese, 3 percent by Japanese, and 8 percent by other nationalities.
By building type, 59 percent of foreign-owned properties are tourist accommodations, 14 percent are private residencies, 13 percent are commercial facilities, and 9 percent are apartments.
Among the large-scale developments, most were condominiums for resale. There has also been an uptick in the rate of existing hotels being bought by foreigners.
The trend in Chinese ownership is best described by the number of additional hotels in Chinese hands: 555 in 2014, 404 in 2015, and 186 in 2016.
And compared to the last quarter of 2016, the rate of property acquisition has dropped by 24 percent, continuing a slowdown that began in 2015.
The drop is slightly deceptive, however, as the land area of acquisitions is expected to increase as the projects reach completion.
The boom in foreign-owned real estate (as opposed to buildings) began in 2012 and intensified through 2015. Prior to 2009, there were only 112 properties on Jeju owned by non-Koreans, with only three Chinese owners.
Since September 2015, the amount of Jeju real estate owned by foreigners has increased from 0.78 percent to 1 percent.
ⓒ Jeju Weekly 2009 (http://www.jejuweekly.com)
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