Jeju real estate, housing'consolidation'-land'rise' in 2021

Real estate experts positively predicted that apartments and land would enter a recovery period in relation to the Jeju real estate market in 2021. Lee Seong-yong, senior research fellow at the Jeju Institute, and Professor Yang Young-joon of the Department of Real Estate Management at the University of Future Convergence at Jeju National University made such a prospect through a study on “Prospects and Implications for the Real Estate Market in Jeju in 2021” on the 29th. This study diagnoses the trend of the real estate market in Jeju in 2020, and predicts the real estate market in 2021 through a survey of 99 real estate experts in and outside the province. Regarding the forecast for 2021, among experts, the proportion of the real estate market in the Jeju region considered to be in a period of recession and recovery. They defined 2019 as a recession and 2020 as a recession.

 

It has positively predicted that apartments and land will go through a recession period (2019) and a recession period (2020) and then enter a recovery period in 2021. On the other hand, shopping malls and officetels had a negative outlook that the downturn would continue. It is expected that in 2022, the Jeju real estate market will go through a general recovery phase. In 2019 and 2020, it has progressed to the next stage every year, but it is predicted that the recession and recovery period will proceed simultaneously in 2021. Regarding the sale price of Jeju in 2021, it is expected that housing will be “consolidated”, shopping malls will be “fall,” and land will rise, and expectations for land are high. Housing supply and real estate prices in Jeju have decreased (declined) after peaking in 2015-2016, but declined in 2020.

 

 With the increase in housing transactions, mainly apartments, it is expected that the housing economy will recover, and land transactions are expected to continue to decline. The researchers said, “Jeju is not a city in all areas of apartments, but a region where various residential cultures coexist.” As the quantitative supply of houses exceeds the national level, policies and systems are needed to increase the quality of stock houses Suggested.