Jeonse prices in the metropolitan area, local apartment prices ‘sparkle’ in ‘loan jade’

Apartment sales price increase in the first week of October
Metropolitan area 0.34%… Same level as Jeonju
Fat surged from 0.16% to 0.22%
Loan tightening boosts local demand
Shake up to the full price… Nationwide on the rise
Seoul Jeonse price increase rate, overtaking sales price

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The increase in apartment sales and jeonse prices across the country, which had stalled for a while due to the Chuseok holiday, increased again. In the metropolitan area, while the increase in sales prices has slowed, Jeonse prices are on the rise, while in the provinces, both sales and Jeonse prices have jumped sharply.

According to the weekly apartment price trend of the Korea Real Estate Agency on the 7th, in the first week of October (as of the 4th), the nationwide apartment sale price rose by 0.28%, increasing compared to the previous week (0.24%). The rate of increase in apartment prices in the Seoul metropolitan area, which fell in the third and fourth weeks of September, was 0.34% this week, maintaining the same level as last week. Among the metropolitan areas, Seoul rose 0.19%, showing the same increase as the previous week, but Gyeonggi increased from 0.40% to 0.41% and Incheon from 0.43% to 0.44%, respectively.

Although the financial authorities are barely holding back the buying trend in the metropolitan area due to the strong ‘loan lockdown’, local apartment prices jumped sharply from 0.16% last week to 0.22% this week. In all cities and provinces except Sejong and Daegu, the increase was particularly noticeable in Chungnam (0.24% → 0.35%) and North Chungcheong (0.21% → 0.35%). The perception that apartment prices are undervalued compared to the metropolitan area seems to have led the buying trend by the demand group, who can raise funds without loans. Like the case in which house prices in unregulated areas in the metropolitan area surged when the government greatly expanded the regulated areas, such as areas subject to adjustment last year, this time, the balloon effect of the loan regulation raised the price of apartments in the provinces.

The aftermath of the loan regulation is also shaking the charter market in the metropolitan area. Jeonse prices for apartments in the metropolitan area rose 0.24% this week, up from 0.21% last week. As the possibility of commercial banks’ restrictions on Jeonse loan loans increases amid the ongoing jeonse crisis, this is interpreted as the effect of an increase in the number of tenants who have hurriedly entered the world contract.


Jeonse prices in Seoul rose 0.14% and maintained their upward trend last week, but Incheon (0.27% → 0.30%) and Gyeonggi (0.24% → 0.28%) widened the increase. In the non-metropolitan area, the five metropolitan cities excluding Incheon increased from 0.11% to 0.15%, and 8 provinces excluding Gyeonggi increased from 0.12% to 0.17%. Even on a national basis, the rate of increase in Jeonse prices sharply increased from 0.16% to 0.20%.

In the case of Seoul, private statistics have also come out that the rate of increase in Jeonse prices has exceeded the rate of increase in sales prices for two consecutive years. According to the market price statistics of Real Estate 114, the rate of change in the Jeonse price of apartments in Seoul from January to September this year was 9.97%, higher than the rate of change in the sale price (9.74%).

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By autonomous district, in 13 of the 25 districts of Seoul, the price of the jeonse rose more than the sale price. Jung-gu (14.94%) had the highest rate of increase in jeonset price, followed by Seongbuk-gu, Dongjak-gu, Yongsan-gu, Guro-gu, Mapo-gu, and Jongno-gu.

Jihae Yoon, senior researcher at Real Estate 114, said, “The longer the rise in jeonse prices, the more likely non-home buyers who feel anxious are going to start buying their own houses. will not be easily caught.”

[ⓒ 세계일보 & Segye.com, 무단전재 및 재배포 금지]

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