Whenever settling for a studio apartment is too expensive

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DescriptionA 28 year old was lately looking for a good one-room apartment close to work in Gwanghwamun, central Seoul. Their family lives in Hwaseong, Gyeonggi, and he wished a place that will decrease the commute. That program fell through the 2nd they walked through often the entrance in the real estate agency about Sept. nineteen.

Earlier this year, they had visited the genuine estate agency in Dobong District, northern Seoul. Back then, the jeonse selling price for a 26-square-meter (279. 9-square-foot) studio accommodation was about 90 million won ($76, 900). In his latest go to, that same place was initially trading on regarding 135 million won, way up practically 45 percent.

Below Korea’s jeonse process, a person puts down a new large lump-sum pay in throughout order to live inside a property for a preset number of years. This deposit is refunded without interest with the conclusion of the deal.

“I was about to sign an agreement early this year, yet postponed it when often the Covid-19 outbreak got serious. I'm definitely confused, ” he said. “I didn't take it seriously, not did I think the idea might be my trouble when people brought up rising actual estate prices. We by no means imagined the price leap would affect one-room apartments rentals as well. ”

Many Koreans who else can’t afford jeonse deposits are presently turning to business hotels. The demand has already been driving jeonse prices regarding tiny rooms through the roof.

According to real estate brokerage app Dabang, the standard jeonse price of the one-room accommodation in Seoul less space-consuming than 30 square meters involved 162. 5 million gained in August, a new 16 % increase coming from January.

Throughout the same period, the jeonse price connected with rooms sized concerning forty-five to 60 square meters increased 7. a few % to 210 zillion received.

The increase is almost all evident in Dobong Area, where apartments have also been comparatively low-cost.

The regular jeonse price of a great house smaller than 30 main square meters in Dobong Region was about 128. 3 thousand won throughout August, a 57 per cent increase compared to Present cards.
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During the same interval, the typical jeonse price involving the same-sized room in Jungnang Center, eastern Seoul increased forty percent for you to 172. 2 million won, while in Geumcheon Region, southern Seoul, the purchase price flower 25 percent to 162. 7 million won. In Guro District, western Seoul, the price soared per day pct to 139. six zillion won.

The new rise in jeonse prices connected with one-room flats may get due to commonly protection laws passed throughout Come july 1st. The regulation forces property owners to invigorate accords in addition to limits price rises.

Furthermore, more house owners are usually moving from jeonse to help monthly rent. The number associated with jeonse orders of the tiny rooms in August was only about 6, 558, a new 23 pct decline when compared to last month.

Jeonse loans, which happen to be the relatively easy choice for tenants, happen to be a further driving force behind the price increases.

“As interest charges with regard to jeonse loans will be only concerning 2 pct a year, property owners who want to raise often the jeonse prices are also suggesting renters borrow money from finance institutions, ” said a real estate broker in Jungnang District, eastern Seoul.

Jeonse prices connected with officetels are also boosting at a rapid rate.

Regarding to Sangga Jeongbo Exploration Center, officetel jeonse price ranges were 18. 61 , 000, 000 won for each pyeong throughout August, a 490, 000 won jump in monthly. A pyeong is a few. 3 square meters.

“As government regulation on loans now as well applies for you to those with only one house, demand for jeonse provides been recently spiking just lately, ” Shim Gyo-eon, a real estate professor at Konkuk School, said. “In so that 원룸 will interesting down the jeonse market, [the government] should approve deregulation about loans below 900 million won so that individuals who are really inside need can buy houses. ”
Created15 Oct 2020
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