Nation’s First 'Jeju Housing Win-Win Project' Launched... Full-Scale Effort to Resolve Unsold Homes

Integrated Promotion of Public-Private Incentives and Tax Benefits
Targeting 2,201 Chronic Unsold Completed Homes
Bold Measures Including Acquisition Tax Exemptions for Multi-Homeowners

In an effort to resolve the issue of chronic unsold housing that has been hampering the Jeju regional economy, the Jeju Special Self-Governing Province is joining forces with the private construction sector to launch the nation’s first-ever comprehensive economic stimulus package. This initiative will simultaneously provide tax reductions and unprecedented discount benefits, all in one place and closely linked together.

Jeju Housing Coexistence Project Unsold Housing Tax Support Measures Leaflet. [Provided by Jeju Special Self-Governing Province]

On June 5, the Jeju Special Self-Governing Province announced that it will be fully implementing the public-private “Jeju Housing Win-Win Project,” aimed at drastically reducing the number of unsold homes that remain vacant even after construction is completed.

This project integrates special incentives offered by private developers—including discounted sales prices, deferred final payments, and free home appliances—with bold tax benefits provided by the province, such as additional acquisition tax deductions and reduced heavy taxation rates. All of these measures will be promoted together in a unified campaign. After close consultations, the province selected eight projects (totaling 1,330 units) with more than 10 unsold homes each as the first locations to be featured in the integrated campaign starting this June.

As of April, unsold housing units in Jeju totaled 2,700, with 2,201 units—classified as “chronic unsold” after completion—accounting for 82% of the total, worsening liquidity challenges for the local construction industry. In response, the province established a robust financial and tax safety net: for homes with an exclusive area of 85 square meters or less and priced at 600 million won or below, multi-homeowners and corporate buyers will be exempted from heavy taxation, with the standard rate (1–3%) applied. Additionally, through an ordinance revision, the acquisition tax rate will be reduced by 4 percentage points (from 8% to 4% for owners of three homes, and from 12% to 8% for those with four or more homes or corporations) on homes of up to 149 square meters and 600 million won purchased through December of this year.

This win-win project is seen as an advanced stabilization strategy that seeks to overcome the limitations of past unsold housing measures, where construction companies and the provincial government acted independently. By combining policy funding and the private sector's capacity to lower prices on a single platform, the project aims to rebuild market trust.

Notably, by integrating drone aerial footage and a dedicated website, even those residing outside Jeju will be able to comprehensively check the surrounding infrastructure and actual construction status of unsold homes without visiting in person. This goes beyond simple administrative support and is expected to set a new milestone in construction marketing by actively attracting outside capital into the region.

Park Jaegwan, Director of the Construction and Housing Bureau at the Jeju Special Self-Governing Province, stated, “Through this project, we will dispel residents’ distrust and concerns about housing prices. By mobilizing all available administrative and financial resources in partnership with the private sector, we will rapidly clear unsold completed homes and revitalize the construction market, which forms the backbone of the local economy.”

This content was produced with the assistance of AI translation services.