jeonse Archives | Be Korea-savvy
Seoul’s Last-ditch Home Supply Plan Still in Doubt over its Viability

Seoul’s Last-ditch Home Supply Plan Still in Doubt over its Viability

SEOUL, Aug. 4 (Korea Bizwire) — South Korea on Tuesday unveiled an unprecedented plan to supply more than 130,000 homes in Seoul and adjacent areas over the next eight years in its latest struggle to contain a further rise in housing prices, which have even dragged down the Moon Jae-in administration’s approval ratings. But the [...]

Debate Heating Up on Fate of ‘Jeonse’

Debate Heating Up on Fate of ‘Jeonse’

SEOUL, Aug. 3 (Korea Bizwire) — “Jeonse” (long-term deposit rental system) versus “weolse” (monthly rent). That has emerged as the hottest topic in local political circles since new laws intended to protect tenants from landlords and excessive rent increases went into effect at the end of July. Jeonse refers to a unique Korean system in [...]

Low-Income Bracket Drives Monthly Rent Growth

Low-Income Bracket Drives Monthly Rent Growth

SEOUL, Dec. 14 (Korea Bizwire) – Of the South Korean households that are renters, 60.5 percent utilize “wolse”, or monthly payment rental systems, boosted by a growing low-income bracket. According to the Korea National Council of Consumer Organizations, the percentage of households renting using “jeonse” – a key money deposit system usually requiring a lump-sum [...]

South Korean Home Ownership Reaches Record Levels

South Korean Home Ownership Reaches Record Levels

SEOUL, April 26 (Korea Bizwire) – Soaring rental prices in the housing market in recent years are seeing upper-middle class households purchase their own homes, with the home ownership rate reaching 56.8 percent, the highest figure since records began in 2006, according to a report released yesterday by the Ministry of Land, Transport and Maritime [...]