As the ‘triple bull market’ continues, with both apartment prices and monthly rent in Seoul rising, demand is shifting to the villa market, such as townhouses and multi-family houses, which are alternative products. Villas, which were mentioned as an object of avoidance after the ‘lease fraud’, seem to be attracting attention as a replacement for apartments, with recent cases of them being sold at a higher price than the appraised value in the auction market. According to the Korea Real Estate Agency on the 12th, the sale price of townhouses in Seoul rose 3.37% from January to May, an increase of about 5.7 times compared to the same period last year (0.59%). The rental price rose 1.94%, 5.5 times higher than the same period last year (0.35%). Jeonse prices rose 0.59% in May, which is the largest increase in 13 years and 7 months since October 2012 (0.61%). Villa rental transaction volume is also increasing. According to the Ministry of Land, Infrastructure and Transport, the volume of non-apartment rent transactions, including townhouses and multi-family homes, from January to May this year was 701,756, an 11.5% increase compared to the same period last year (629,107). On the other hand, the apartment jeonse and monthly rent transaction volume was 528,858, up from 560,999 in the same period last year (569,999