The Korea Herald


[Monitor] Lease prices for Seoul apartments soar

Rise in average jeonse price for apartments in Seoul

By Korea Herald

Published : Dec. 4, 2020 - 11:00

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According to real estate prices tracked by KB Kookmin Liiv On, the average jeonse price of apartments in Seoul reached 560.69 million won ($509,829) as of November, up 23.91 million won from the previous month.

Jeonse refers to South Korea‘s common lease system in which the downpayment is guaranteed for an average of two years.

The rise in average jeonse price broke the 500 million mark in August following the government’s reinforced regulations aimed to protect the leasers, as well as a drop in supplies put up for lease.