2024-05-07 06:10:31
Exclusive 79~84㎡ rental price, 300~400 million won
In 4 out of 10 cases, contracts were not renewed, etc.
Jeonse listings decreased by 22% and will likely continue to rise.
There are concerns that the sale price will rise in the future.
On the afternoon of the 1st, the first floor of a shopping center near Centras (2,529 units) in Seongdong-gu, Seoul. Customers looking for a lease were being consulted at three out of five real estate agent offices. We continued to receive calls looking for cheap rental properties. There are 91 leased properties for this complex registered online (as of the 1st). It decreased by more than 30% from 140 cases in December last year. The rental price of 84㎡ of exclusive area was traded at 1 billion won in March this year, up 87% of the highest price traded in November 2020 (1.15 billion won). A real estate agent office near the complex said, “There are not many newly built large-scale apartment complexes nearby, so if the price is a little low, it is traded as soon as it is put on sale.”
SK Bukhansan City (3,830 units), a representative large complex in Gangbuk-gu, Seoul, has an exclusive use area of 84㎡, and 19 of 28 lease transactions this year are renewal contracts. Nearly 7 out of 10 contracts were renewed. In order to sign a new contract in this complex, the transaction must be done at around 450 million won, up more than 100 million won from the low 300 million won range early last year. An official at a nearby real estate agent office said, “As rental prices have risen, the proportion of renewal contracts that can only be increased by 5% or less has increased.” He added, “It is an affordable area in Seoul, so many newlyweds are looking for it, but there are not many properties for sale.”
● Rental prices for large complexes in Seoul rise by hundreds of millions of won
According to the results of Dong-A Ilbo’s analysis of actual transaction price data from the Ministry of Land, Infrastructure and Transport on the 6th, the rental price of 30 pyeong (79 to 84 m2) in 50 large-scale apartments in Seoul (based on size) has risen to 76.4% of the previous highest price this year. Depending on the complex, it is easy to find cases where prices have increased by 300 to 400 million won in one year. Rent prices in Seoul have risen for 50 consecutive weeks since May of last year, approaching the level of late 2021 to early 2022, which reached its highest point after the enforcement of the three rental laws (July 2020).
In Songpa-gu, a lease contract for 84 m2 exclusively for Els (5,678 units) in Jamsil-dong, which is in high demand among school districts, was signed for 1.25 billion won on the 4th of this month. It fell to 800 to 900 million won early last year, but then rose to 80% of the highest price of 1.55 billion won in December 2021. A nearby real estate agent office said, “We showed the house for rent to 4 teams over the weekend alone.”
In particular, the rise in rent prices was steep, especially in districts with few new residents. From the fourth week of May last year, when rental prices in Seoul began to rebound, Seongdong-gu rose 10.43%, showing the highest rate of increase among Seoul’s 25 districts. Songpa-gu also rose by 7.45%, Yangcheon-gu by 6.58%, and Eunpyeong-gu by 6.35%.
Seongdong-gu, which saw the largest increase, had 0 units available from last year to May this year. The only volume scheduled for this year is the first phase of Seoul Forest I-Park River Foret (825 units) in December. On the other hand, Gangnam-gu (4.02%), which has a relatively low cumulative growth rate, had the highest number in Seoul with 11,211 units moving in from early last year to April this year. A real estate agent office near DH First Tier I Park (6,607 units) in Gaepo-dong, Gangnam-gu said, “In February of last year, about 3,000 Gaepo Xi Presidence units also moved in, which had the effect of dispersing rental demand.”
● Shortage of occupancy in Seoul… Concerns about “continuing rise”
As rental prices rise, demand for existing rental homes through renewal contracts is also increasing. Of the 39,686 lease contracts for apartments in Seoul reported as of the 6th of this year, 14,699 were renewal contracts, accounting for 37% of the total. Last year, among apartment rental contracts in Seoul, it increased by 10 percentage points compared to renewal contracts (27%). As renewal contracts increase, the number of listings on the market is decreasing. According to Asil (actual apartment transaction price), a real estate information company, the number of apartments for rent in Seoul on this day was 29,494, a 22.2% decrease from May 22 last year (37,888 units).
Experts believe that the rise in apartment rental prices will not be easily caught as the phenomenon of avoiding villas continues and there is a continuous shortage of housing in Seoul. There are also concerns that the lease price may push up the sale price in the future. According to Zigbang, the number of units occupied in Seoul since May of this year is 19,942. Song In-ho, director of the Economic Information Center at the Korea Development Institute (KDI), said, “Considering the lack of permits and construction starts last year and this year, the upward trend in rent prices for apartments in Seoul will continue. If the supply shortage continues, it may lead to instability in the sales market.” did.
Reporter Choi Dong-su firefly@donga.com
Reporter Oh Seung-jun ohmygod@donga.com
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2024-05-07 06:10:31