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 [...]
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 [...]
SEOUL, Aug. 3 (Korea Bizwire) — Apartment lease contracts in the South Korean capital of Seoul sank to a nine-year low in July amid tighter rules, municipal data showed Monday. The number of apartment lease contracts, called “jeonse” here, stood at 6,304 in July, the lowest monthly level since data tracking began in 2011, according [...]
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 [...]
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 [...]
SEOUL, Sept. 21 (Korea Bizwire) — Loans extended by local banks to individuals for home rentals have spiked over the past five years, market data showed Monday, amid a surge in rental prices driven by record-low interest rates and a shortage of homes for rent. According to the data, loans extended by the six largest [...]
SEOUL, July 29 (Korea Bizwire) – To purchase an apartment unit in Seoul, one would have to save their entire income for more than seven years. In its report on the current status and future prospects of the 2015 Real Estate Market released on July 28, the Korea Appraisal Board talked about the amount of time [...]
SEOUL, Feb. 16 (Korea Bizwire) – It is reported that average jeonse deposits for apartments in Seoul have reached as much as six years’ income for an urban laborer household, which means that the average household would have to save all of their income for six years in order to rent a Seoul apartment. Although the [...]
SEOUL, Feb. 13 (Korea Bizwire) – This year, it is expected that Korea will exceed a per capita income of US$30,000. However, in spite of rising incomes, the quality of life of members of the Korean middle class has worsened over the past 20 years, mainly due to rising housing costs. In particular, skyrocketing jeonse leases [...]
SEOUL, Oct. 30 (Korea Bizwire) – It takes 28.5 years for a newlywed couple to lease a “jeonse” apartment in Seoul, according to the Citizens’ Coalition for Economic Justice which analyzed data from Kookmin Bank, Statistics Korea and the Ministry of Employment and Labor. Houses in capital regions such as Gyeonggi Province and Incheon City take [...]