The number of apartments in Seoul fetching more than W10 million in jeonse or Korean-style lease deposits per 3.3 sq.m has more than doubled over the last two years (US$1=W1,125). Property website Dr. Apartment on Tuesday said the number of apartments in Seoul that cost more than W10 million per 3.3 sq.m in jeonse totaled 232,248. That is around 20 percent of all apartments in the capital and a two-fold increase from 2010 (105,110).
Among high-priced jeonse homes in Seoul, 63 percent (154,797) are in the affluent Gangnam, Seocho and Songpa districts south of the Han River. In Seocho, 47,626 apartments saw jeonse double over the last two years to more than W10 million per 3.3 sq.m. Gangnam saw a 73 percent rise with 68,472 apartments and Songpa a 35 percent increase with 38,699.
As the apartment prices rose evenly throughout the capital, the number of districts with high-priced apartments increased from 15 two years ago to 22, with the addition of some districts north of the Han River which are typically clustered with more affordable homes.