International Schools: A New Factor in Real Estate Market Trends

May 12, 2023

Exploring the Relationship Between International Schools and Real Estate in South Korea

International schools in Korea have been playing a significant role in the growth of the real estate market in recent years. According to experts, areas where international schools are located have shown only a small drop in house prices or even rises, even during the real estate slump. This is particularly evident in places like Seogwipo, Jeju, where four international schools have been established around the English Education City. The sale price of apartments in this area has increased by about 4% from 322.55 million won to 335.59 million won last year, while the sales price of apartments nationwide during the same period decreased by about 3.5%.

Furthermore, the average competition rate for admission to international schools in Seogwipo City for the 2022-2023 school year is 4.05 to 1, which is a significant jump from the 2012-2013 school year (0.67 to 1) 10 years ago. As a result, the sale price of nearby apartments has risen significantly. In addition, the apartment transaction volume in areas near international schools is also increasing. This has led to a rise in valuations, as more people are willing to pay higher prices to secure a home near an international school.

Success Stories of International Schools and Real Estate Market

As mentioned, one of the best examples of the positive impact of international schools on local real estate markets can be seen in Seogwipo, Jeju. In this region, the establishment of four international schools around the English Education City has resulted in a surge in the sales prices of nearby apartments. The four international schools helping to drive this demand include St. Johnsbury Academy Jeju (SJA), North London Collegiate School Jeju (NLCS), Branksome Hall Asia (BHA), and Korea International School Jeju Campus (KIS).

The success of Seogwipo's real estate market is not unique, however. Similar trends can be observed in other regions with international schools. For example, Yeonsu-gu in Incheon has seen a more than seven-fold increase in apartment sales compared to the same period last year, thanks to the presence of Chadwick International School.

These examples demonstrate the positive effect that international schools can have on local real estate markets. As more international schools are planned to be built in different regions across the country, it is likely that we will see more success stories like these emerge.

Skyrocketing Real Estate Valuations Being Propelled by Hype over International Schools in Korea

Real estate industry buzz going around is that an apartment at Hanwha Forena Jeju Edu City, located in Daejeong-eup, Seogwipo-si, recently sold for a record-breaking 1.41 billion won on January 30th, making it one of the top 3 highest selling prices for apartments on Jeju Island.

The surge in sales prices has also had a positive effect on the jeonse prices, with reported prices reaching an all-time high.

In February, the highest reported price for a jeonse (high deposit, no monthly rent) contract in Daejeong-eup's 'Raon Private Edu' complex was 550 million won.

Furthermore, the transaction volume for apartments in the vicinity of international schools is also on the rise. According to the real estate statistics information system of Korea Real Estate Agency, the number of apartment sales in Yeonsu-gu, Incheon has increased by more than seven times compared to the same period last year (70 sales) with 513 sales as of February. Yeonsu-gu is home to Chadwick International School and Calvin Manitoba International School is set to open soon.

As international schools have a positive impact on the local real estate market, many local governments are actively seeking to attract international schools to their regions.

At present, there are plans to establish 23 international schools in Korea throughout 12 regions across the country, including Godeok International City in Pyeongtaek-si, Gyeonggi-do, Yeongjong International City in Jung-gu, Incheon, and Myeongji International City in Gangseo-gu, Busan.

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Sales and Service Chatbot Automation for Atherton International School

October 5, 2023

We're currently developing an extensive chatbot tailored for Atherton International School (AIS) in Geoje , given the rising diversity in the region due to the shipyard workforce. This innovative chatbot will offer content not only in English, the language of the school's curriculum but will also include supplementary materials in multiple languages, such as Portuguese, Italian, and Russian. The primary goals of this chatbot are: 1. Language Inclusivity: To help international parents feel more at ease by providing information about AIS in their native language. This extends to aiding their integration into the local community by offering restaurant menus, helpful guides, and tips in their preferred language. 2. Community Engagement: To position AIS as a valuable resource for families in Geoje or those planning to relocate. The chatbot will serve as a lifeline, offering insights into the school and local area, creating a sense of belonging, and fostering trust. 3. Lead Nurturing: The chatbot will collect essential information about prospective parents, their specific needs, and their planned relocation dates. It will then strategically encourage actions, such as scheduling a Zoom meeting or a similar interaction with a human agent. 4. 24/7 Accessibility: Operating round-the-clock, the chatbot ensures that all prospective parents have the opportunity to familiarize themselves with AIS, develop brand affinity, and build trust before making the significant commitment of enrolling their child. Take a look at what we are doing for the expat community of Geoje and Atherton International School. Just imagine what we can do to build out community resources around your school for local families and position your brand to be the center of it all! As mentioned earlier, we're happy to develop a free prototype for you school so you can visualize how it could work for you!

Sales and Service Chatbot Automation for ICSU

September 1, 2023

We have recently developed comprehensive lead-nurturing chatbots for international schools in Korea. Specifically, for the International Christian School of Uijeongbu , we implemented the following: 1. Web Content Integration: We integrated all of the school's web content into our chatbot. 2. Sales Scripts: We created sales scripts within the chatbot to achieve two primary objectives: - Provide essential information to prospective parents. - Nurture leads to encourage them to take desired actions, such as leaving an email or scheduling a Zoom meeting. 3. Expansion: We are currently expanding the capabilities of the chatbot to offer additional valuable information, including: - Local real estate information in the vicinity of the school. - Recommendations for nearby family-friendly restaurants, kids cafes, etc. - Details about upcoming events. 4. 24/7 Availability: The chatbot operates around the clock, ensuring that parents from various time zones can access the information they need before coming to Korea. 5. Staff Efficiency: By handling routine inquiries and information dissemination, the chatbot allows your human staff to focus on more pressing matters. 6. Monitoring and Intervention: Human staff have the ability to monitor all interactions and can intervene when a prospective parent displays strong interest, such as booking a tour or scheduling a call. Feel free to explore ICSU's chatbot and let us know if you would like a free demo of a chatbot designed specifically for your school and area! We would be happy to provide a beta chatbot with limited functionality for your school to test and customize before buying!

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