July Seoul Officetel Sales Price Index Conversion to Consolidation
Rent prices rise for 2 consecutive months… Monthly rent up 1.05% this year
Seoul rental yield 4.62%, highest since March 2019
As the Seoul housing market shows an upward trend, officetel sales prices have also stopped declining for 22 months and turned to a flat trend.
As the government has announced that it will provide benefits for purchasing non-apartments such as small officetels through the ‘8.8 Measures’, there is a possibility that investment demand will flow into officetels in major locations in Seoul.
According to the Korea Real Estate Board on the 22nd, the Seoul Officetel Sales Price Index recorded a 0.00% fluctuation rate in July. After falling 0.09% in September 2022, it continued to decline for 22 months before turning to a flat trend in July of this year.
As the monthly rent for apartments in Seoul rises, the rental prices for officetels are also on the rise.
The Seoul Officetel Lease Price Index turned upward in June, rising 0.02%, and rose 0.02% in July as well.
The monthly rent price index has been on an upward trend for 15 months from May of last year to July of this year. It has risen by 1.05% this year alone.
As of July, the average monthly rent for ultra-small (40㎡ or less) officetels in Seoul was 756,000 won, and for small (40~60㎡) officetels, it was 1,166,000 won. The average monthly rent for medium-sized (60~85㎡) officetels, which are in high demand as residential officetels, is 1,495,000 won, and it is expected to soon exceed 1.5 million won.
Due to factors such as rising monthly rents and interest rate cuts, the rental yield for officetels in Seoul also hit its highest level in 5 years and 4 months.
According to KB Real Estate, the rental yield for officetels in Seoul in July was 4.62%, the highest since March 2019.
Meanwhile, as the government announced the 8/8 measures that include providing benefits to non-apartments such as small officetels, there is analysis that investment demand may flow into officetels in prime locations such as near subway stations.
The government has decided to extend the period for excluding the number of houses when calculating acquisition tax, comprehensive real estate tax, and capital gains tax when purchasing newly built small residential officetels with exclusive use areas of 60㎡ or less until December 2027.
In addition, if a small officetel is purchased and leased until December 2027, it will be excluded from the number of houses when calculating taxes.
In the case of small officetels that are granted tax benefits, the rental yield is higher than that of other areas, so investment demand may flow in, especially in areas near subway stations.
The rental yield of officetels in the metropolitan area in July was in the 3-4% range for medium-sized (4.49%), medium-large-sized (3.60%), and large-sized (3.44%), but ultra-small-sized showed a yield of 5.63% and small-sized showed a yield of 5.19%.
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2024-08-22 03:07:29