Jeonse Prices Surge in Mid-to-Lower Tier Seoul Apartments, Crossing 1 Billion Won

Amid a steep upward trend in Seoul apartment prices this year, jeonse (lump-sum housing rental) prices are also rising sharply in mid-to-lower-tier areas that are driving the overall price increases.

According to the Korea Real Estate Board, the cumulative jeonse price growth rate for Seoul apartments stood at 7.79% as of the second week of September, marking about 4.7 times the figure from the same period last year.

Even on an annual basis, the growth rate has already more than doubled last year's 3.77%, recording the highest level since 2015 (10.79%), when a severe jeonse shortage caused widespread market distress.

Particularly in mid-to-lower-tier areas where sales prices have surged significantly, jeonse prices around 1 billion won, traditionally seen in the Han River belt areas such as Mapo, Yongsan, and Seongdong districts, are now frequently emerging.

Seongbuk District, which recorded the highest cumulative sales price growth rate in Seoul this year, is also seeing the highest jeonse growth rate in the city at 12.84%. Meanwhile, Dongdaemun District posted a cumulative sales price growth rate of 10.59% and a jeonse growth rate of 8.43%, showing a generally steep upward trend across mid-to-lower-tier regions.
※ Please note: This article was translated by AI and may contain errors.