Positioned off the southern tip of the peninsula and at the center of Northeast Asia, Jejudo Island has for years been enticing tourists and investors from around the globe on the back of its natural sights, serenity and the K-pop culture craze.

A destination for honeymoons and vacations, the volcanic island attracts more than 12 million people every year, adding to its regional cultural diversity. It boasts a mild climate, unique ecosystem, three UNESCO natural heritage sites and a host of treasured trekking courses.

The island has also emerged as a major venue for various international conferences and summits. The government designated Jeju as the “island of world peace” in 2005. 

While the nationwide economy remains in the doldrums, Jeju has been enjoying brisk growth over the past several years, chiefly propelled by an influx of Chinese capital and a tourism boom.

A rising number of citizens, especially from China, are seeking second homes on the island, while international property developers are setting up upscale residential, commercial and leisure facilities in partnership with local builders.

To boost the island’s global competitiveness and better cater to overseas demands, the government has in recent years taken various legislative and administrative steps including the Special Act on the Establishment of Jeju Special Self-governing Province and the Development of Free International City in 2006.

In 2010, it amended the immigration law, granting permanent residency to foreign nationals who invest in property worth $500,000 or more and live there for at least five years. Meanwhile, self-governing authorities offer visa-free entry, lower taxes and hassle-free business licensing.

Foreign land ownership topped 1 percent for the first time in the first half of last year, according to the provincial government. Foreign nationals now possess some 20.78 square kilometers, or 1.12 percent of the total, with the Chinese being the largest stakeholder with 0.47 percent, followed by the U.S. with 0.22 percent and Japan with 0.13 percent.

As of June 2015, at least 14 Chinese investment projects, each worth 5 billion won and totaling nearly 3.8 trillion won, were under way, centering on real estate and hospitality business, according to the Jeju Development Institute.

“Over the last 10 years following the special act, the province has seen economic growth powered by foreign investment and a surge in tourists, while trying to foster a nature friendly environment by expanding electric car supplies and wind, solar and other renewable energy policies,” JDI researcher Kang Chang-min said in a recent report.