Home Sale, Jeonse and Monthly Rent Prices All Rise Nationwide—but Jeju Province Sees a ‘Triple Decline’

【Financial News Jeju = Jeong Yong-bok】 While average home sale, jeonse and monthly rent prices all rose nationwide in August, Jeju Province saw all three indicators decline. As home prices continue to rise, particularly in the Seoul metropolitan area, the weakness of Jeju Province’s housing market is becoming increasingly pronounced.
The Korea Real Estate Board said in its “August 2026 National Housing Price Trends Survey,” released the previous day, that Jeju Province’s comprehensive housing sale price index fell 0.21% from the previous month.
During the same period, the national average rose 0.32%. Prices increased 0.63% in the Seoul metropolitan area, 0.97% in Seoul and 0.03% in non-metropolitan areas.
Jeju Province recorded the lowest change in home sale prices among the country’s 17 provinces and major cities. The decline widened from 0.18% in July to 0.21% in August.
Jeju Province was not the only region where home sale prices fell. Incheon, Busan, Daegu, South Chungcheong Province, North Gyeongsang Province and Sejong also showed weakness. However, Jeju Province was the only region where jeonse and monthly rent prices fell at the same time as home sale prices.
Jeju Province’s comprehensive jeonse prices fell 0.17% in August. The national average rose 0.35%, while prices increased 0.63% in the Seoul metropolitan area, 0.83% in Seoul and 0.09% in non-metropolitan areas. KREB analyzed that jeonse prices declined in Jeju Province, particularly in older apartment complexes in Jeju City.
Jeju Province also moved against the national trend in the monthly rental market. Its combined monthly rent price index, which includes monthly rent, semi-jeonse and semi-jeonse with a deposit, fell 0.15%. The national average rose 0.35%, while the Seoul metropolitan area, Seoul and non-metropolitan areas rose 0.59%, 0.82% and 0.13%, respectively.
The decline in Jeju Province’s monthly rent prices widened from 0.13% in July to 0.15% in August. A review of the provincial and metropolitan statistics shows that Jeju Province was the only region where home sale, jeonse and monthly rent prices all declined in August. The rates of change for all three indicators were also the lowest nationwide.
Price trends diverged sharply between the national average and Jeju Province. In August, the gap between the national average and Jeju Province in home sale price changes was 0.53 percentage points. The gaps were 0.52 percentage points for jeonse and 0.50 percentage points for monthly rent.
The weakness was even more pronounced in the apartment market. Apartment sale prices in Jeju Province fell 0.27% in August. Nationwide apartment prices rose 0.39%, while prices increased 0.76% in the Seoul metropolitan area and 1.05% in Seoul.

The decline in Jeju Province’s apartment sale prices widened from 0.14% in March to 0.19% in April and 0.23% in May. It narrowed somewhat to 0.19% in June before widening again to 0.26% in July and 0.27% in August.
Apartment jeonse prices also fell 0.19%, while monthly rent prices declined 0.15%. Row-house sale prices fell 0.27%, jeonse prices dropped 0.21% and monthly rent prices declined 0.15%. Detached-house sale prices fell 0.09%, jeonse prices dropped 0.12% and monthly rent prices declined 0.14%.
The gap between Jeju Province and the Seoul metropolitan area is even clearer in the cumulative figures since the beginning of the year. From January through August, comprehensive home sale prices in Jeju Province fell 1.26%. During the same period, the national average rose 2.05%, while prices increased 4.06% in the Seoul metropolitan area and 6.68% in Seoul.
The cumulative change in home sale prices differed by 3.31 percentage points between Jeju Province and the national average. The gap with Seoul widened to 7.94 percentage points.
The jeonse market showed a similar pattern. From January through August, jeonse prices in Jeju Province fell 1.18%, while the national average rose 2.58%, the Seoul metropolitan area increased 4.30% and Seoul rose 5.91%.
The cumulative change in monthly rent prices also declined 1.10% in Jeju Province. The national average rose 2.61%, while prices increased 4.09% in the Seoul metropolitan area and 5.65% in Seoul.
Recently, the decline in home sale prices has been intensifying. The drop in Jeju Province’s comprehensive home sale prices widened from 0.13% in March to 0.15% in April, 0.17% in May, 0.17% in June, 0.18% in July and 0.21% in August.
Even as housing markets nationwide and in non-metropolitan areas entered an upward trend, Jeju Province saw not only home sale prices but also jeonse and monthly rent prices decline, highlighting the clear divergence in housing-market trends by region.
A KREB official said, “Jeju Province is showing a different trend from the national average, with home sale, jeonse and monthly rent prices all declining at the same time.” The official added, “In particular, the decline in home sale prices has widened in recent months, so it will be necessary to continue monitoring price trends, including jeonse and monthly rent prices, together.”


[email protected] Jeong Yong-bok Reporter