Jeonse and monthly rent listings only reached 23.8%… Gukpyeong jeonse is 800 million won
The phenomenon of ‘faceless’ concentration… In case of actual residence for 3 years
Move-in to the ‘Olympic Park Foreon’ (Dunchon Jugong, Olpapo) in Dunchon-dong, Gangdong-gu, Seoul, the largest in Korea with 12,032 households, will begin next month, but some say that the ‘occupancy effect’ is meaningless as rental prices in the surrounding areas are actually rising.
According to Naver Real Estate on the 26th, Olympic Park Foreon had 1,865 rental properties (as of the 25th) and 994 monthly rental properties, accounting for only 23.8% of the total number of households.
Usually, in the case of large-scale apartment complexes, about half of all households are put up for lease, and as a result, the surrounding lease prices tend to fall, but in the case of Allpapo, the supply of leases is not large, as is the case with large-scale apartments.
Jeonse prices are also high. In the case of the lease price of this complex, the exclusive area of 84㎡ was in the range of 850 million won to 1.1 billion won, and the exclusive area of 59㎡ was in the range of 700 million to 900 million won.
In addition, compared to general sales where the contract is for 2 years and 6 months or 2 years and 10 months and the right to request contract renewal (2+2) is limited, the price for union member properties that can be lived in for up to 4 years is about 20 to 30 million won higher. This is a description of real estate in this area.
A real estate agent in Dunchon-dong said, “The jeonse price has risen a lot, so now there are almost no 800 million won, and the next one is around 860 million won.” He added, “As the sale price is rising mainly for new construction, even if it is not Allpapo, the new jeonse price is 700 to 800 million won. “You can say there is nothing down there at all,” he said.
In fact, the selling price of Allpapo has been on the rise until recently. In the case of an exclusive 84㎡ occupancy right, it was traded in August for 2.4 billion won, more than 1 billion won more than when it was sold in December 2022. The exclusive 134㎡ was exchanged for 3.372 billion won on the 17th.
The ‘face-to-face’ phenomenon of preferring new construction within 5 years of completion is also contributing to the rise in rental prices.
Gangdong-gu also saw an increase in jeonse prices, especially in new complexes. The lease price for an exclusive 84㎡ unit in Godeok-dong’s ‘Godeok Gracium’, which moved in in 2019, increased by 50 million won from KRW 870 million at the beginning of this year to KRW 920 million last month, and the lease price for an exclusive 84㎡ unit at ‘Godeok Arteon’, which moved in in 2020, also increased in October. It was traded at 820 million won, an increase of about 40 million won from the beginning of this year.
There is an analysis in the industry that the situation in the rental market is different from 2018, when the ‘Helio City’ occupancy site appeared. In the case of Helio City in Garak-dong, Songpa-gu, a mammoth supply of 9,510 households, comparable to Olpapo, has been supplied, and both sale and rental prices have fallen.
Another real estate agent said, “During the time of Helio City, prices were all down regardless of Seoul before moving in due to the recession, but in Allpapo, prices are actually rising. “There was also demand to change from apartments built in Jamsil or nearby,” he said. “Prices will rise as time goes by, but there is no atmosphere in which prices will fall if we wait.”
The actual residence obligation is also affecting the decline in jeonse listings. A real estate agent in the area said, “Although the actual residence obligation has been suspended, there are many homeowners who are trying to safely complete the three years. As a result, there are only a few properties coming out, so the rental properties are being sold out as soon as they come out.”
[서울=뉴시스]
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