Cheongdam-dong PH129 Monthly rent of 40 million won… Newest price
Galleria Foret chartered 7.5 billion won… 400 million ↑ from the previous high
On the 13th of last month, a notice was posted at a real estate agency in Seoul for rent for rent. News 1
The highest-priced cheonsei contract has been awarded in Seoul. This is the highest-priced contract that appeared at a sensitive time, two years before the enforcement of the ‘Lease Act’ and when the Presidential Transition Committee foreshadowed the amendment of the Lease Act.
According to the real transaction price disclosure system of the Ministry of Land, Infrastructure and Transport on the 3rd, a 273.96 m² (6th floor) lease contract for PH129 (The Penthouse Cheongdam) in Cheongdam-dong, Gangnam-gu, Seoul was signed on the 21st of last month for a deposit of 400 million won and a monthly rent of 40 million won. The monthly rent is the highest ever. In July of last year, the 264.546㎡ (47th floor) dedicated to Acro Forest in Seongdong-gu, Seoul was 27 million won per month with a 2 billion won deposit, 13 million won more expensive than this. The details of the contract have not yet been reflected in the registered copy, so it is not known whether the new tenant of PH129 is an individual or a corporation.
The pre-set price also broke the record high. On the 5th of last month, the 271.21 m² dedicated to Galleria Foret in Seongsu-dong, Seongdong-gu was traded for a deposit of 7.5 billion won. The previous highest price was 219.96 m² (7.1 billion won) for the use of Brunen Cheongdam in Cheongdam-dong in February of last year.
Although it is difficult to see such a high-priced cheonsei rental as a general transaction, the price of an apartment in Seoul has recently slowed down as commercial banks resumed loans for cheonsei. As of the 28th of last month, surveyed by the Korea Real Estate Agency, the price of jeonse for apartments in Seoul fell by 0.02%, a decrease from the previous week (-0.03%).
There is a high possibility that the chaos in the cheonsei market will be further exacerbated in August, the second year of the enforcement of the Lease 2 Act (the maximum limit on the monthly rent and the right to apply for a renewal of the contract). After July 31, 2020, if the two-year contract is terminated with a rate of increase of 5% or less, there is an observation that homeowners who are burdened with the property tax may raise the asking price.
President-elect Yoon Seok-yeol’s transition committee has officially announced that it will phase out or abolish the lease law. However, if the Democratic Party, which currently holds 172 seats, opposes the amendment, it will be difficult to pass the National Assembly. Park Hong-geun, floor leader of the Democratic Party, has stated that “in principle, it should be followed” as to the direction of the lease policy of the transition committee.
Experts advise that supplementary measures should be prepared to stabilize the cheonsei rental market. Park Won-gap, senior real estate expert at KB Kookmin Bank, emphasized, “It is desirable to give incentives such as recognizing one of the two years of real residence requirement for the special application of capital gains tax exemption to landlords who sign a two-year extension contract with a rate of increase of 5% or less.” did.
Seo Hyun-jung reporter [email protected]
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