It’s not even moving season… Rent prices in Seoul are higher than when the ‘Three Lease Laws’ were introduced
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On the 30th of last month, a lease contract was signed for an exclusive area of 59m2 at e-Pyeonhansesang Oksu Park Hills in Seongdong-gu, Seoul with a deposit of 1 billion won.
On the 30th of last month, a lease contract was signed for an exclusive area of 59m2 at e-Pyeonhansesang Oksu Park Hills in Seongdong-gu, Seoul with a deposit of 1 billion won. Until May, new contracts were made for 900 to 950 million won, but this has increased by another 50 to 100 million won. Mr. Kim, a nearby real estate agent, said, “These days, there are no properties for rent and the sale price is rising, so landlords are raising the asking price by about 100 to 150 million won compared to the beginning of this year.” He added, “Even if the price goes up, properties of 20 pyeong near the station are sold as soon as there is steady demand from newlyweds.” As of the 15th, there were only 19 rental listings in this complex, which has 1,976 units. According to the June National Housing Price Trend Survey announced by the Korea Real Estate Board on the 15th, the rental price of apartments in Seoul increased by 1.37% compared to the previous month (1.15%). It was the largest increase since October 2013 (1.57%) and even exceeded the level of 2020-2021 when jeonse prices soared due to the introduction of the three lease laws. By category, Seongdong-gu rose the most at 2.36%, followed by Seongbuk-gu (2.02%), Dobong-gu (2%), Nowon-gu (1.92%),
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