February 03, 2021 11:49
The price of jeonse or Korean-style deposit lease on apartments in the greater Seoul area surpassed W400 million for the first time ever (US$1=W1,117).
According to Kookmin Bank on Tuesday, sales prices of apartments across the country increased 1.52 percent on average in January, up more than one percent for the third straight month.
Jeonse prices also increased 1.01 percent in January. The average in the Seoul metropolitan area stood at W400 million, the highest on record. It took three years and 10 months for the average jeonse to rise from W300 million to W350 million, but just four months to jump to W400 million.
In Seoul proper, the average jeonse was W588.3 million last month, up 17.8 percent compared to July 2020, when laws were strengthened to protect tenants' rights.
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