Seoul Apartment Jeonse Listings Vanish as Jungnang 93% and Geumcheon 92% Have None

A shortage of jeonse listings is becoming clear across Seoul’s apartment market. Maeil Business Newspaper, mk.co.kr, reported that eight out of ten apartment complexes in Seoul had not a single jeonse listing available. By district, 93% of apartment complexes in Jungnang-gu and 92% in Geumcheon-gu were counted as having no jeonse listings. The report cited stronger pressure on owners to live in their homes, driven by the land transaction permit system and loan and tax rules on multiple-home owners, as well as a drop in new move-in supply known as an “occupancy cliff.” As more complexes lose available jeonse supply, tenants may face fewer choices. Source: mk.co.kr