Seoul-area jeonse rents rise 2.20%, outpacing home purchase prices

Apartment jeonse prices in the Seoul metropolitan area have risen faster than purchase prices this year. According to the original report, purchase prices in the region increased 1.79%, while jeonse prices climbed 2.20%. Nationwide apartment jeonse price growth has also reportedly exceeded the pace of purchase price gains this year. The report cited regulations on multiple-home owners and a decline in newly built apartments as factors behind the trend. It also noted concerns that higher property holding taxes could be passed on from landlords to tenants. As housing price stabilization policies may add pressure to the rental market, tenant cost burdens are expected to grow. Source: mk.co.kr