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Application of the 3 new leasing laws → deepening of the jeonse crisis → conversion to purchase demand
Increased demand for low to medium price trading in unregulated areas … Gimpo up 1.9%
The metropolitan area jeonse continues for a while … Stronger house prices next year
“The owners are taking back what they issued in case the price goes up.”
On the 6th, an accredited broker in Gimpo-si, Gyeonggi-do, answered a reporter’s question about the real estate market, saying: “As the price of some sales has risen to more than 100 million won in one month, more owners they are willing to reconsider buying and selling.
Representative Lee said, “Tenants who have not been able to find a rental house in Seoul are starting to buy and sell apartments in Gimpo, where the price of the house is relatively low,” and said: “It is a situation in where both sellers and buyers are confused as the price of the house has risen to the point that it would be possible.
Renting in Seoul, which was triggered by the application of a new rental protection law to protect tenants, has become a reality and apartment prices in unregulated areas of the metropolitan area are skyrocketing.
As tenants tired of the cheonsei crisis buy apartments in unregulated areas of the metropolitan area, house prices are rising dramatically. Abnormal drafts are detected in some unregulated areas, such as updating notifications. Notably, there is a “balloon effect” in which house prices rise in unregulated areas of the metropolitan area such as Gimpo, Paju and Incheon. According to the analysis, a large number of jeonse demand has turned into relatively inexpensive and unregulated regional demand due to the soaring prices of jeonse in Seoul and the metropolitan area.
In the worst case scenario for end users, there are signs of an increase in both the total set value and the average price. It is emphasized that if the current jeonse section continues, the vicious circle of jeonse price hikes leading to jeonse price hikes could be repeated as the demand for buying and selling low / medium priced apartments in non-residential areas increases. regulated.
As the jeonse crisis intensifies, apartment prices in unregulated areas of the metropolitan area are rising. According to the Korea Appraisal Board’s weekly apartment price trend data, the price of apartments nationwide rose by 0.17% in the first week of this month (based on day 2), a larger increase than the previous week (0.13%). The rate of increase in apartment prices is the highest in about four months after the fourth week of June (0.22%), immediately following the announcement of the 6-17 housing measures.
Apartment prices in Seoul also increased by 0.02%, outside of the flat trend, which maintained a 0.01% rise for 10 consecutive weeks. The upward trend has been noticeable in areas with many low to mid-priced apartment complexes. Gangnam-gu recorded -0.01%, continuing last week’s decline. Seocho and Gangdong-gu (0.00%) posted a fixed rate and Songpa-gu posted 0.01%. On the other hand, Jungnang-gu recorded 0.08%, mainly for construction apartments, while Gangbuk-gu (0.03%) and Nowon-gu (0.03%) showed a strong increase.
Apartment prices in the metropolitan area increased by 0.15%, compared to last week (0.11%). This is the highest level in 4 months after the second week of July (0.16%), just before the July 13 real estate measures. The province of Gyeonggi also grew by 0.23%, the largest increase in four months.
In Gyeonggi-do, apartment prices in Gimpo, left as unregulated areas, increased by 1.94%. Gimpo is the only area that has been damaged by the real estate interventions of last June 17, while most of the metropolitan area has been grouped into regulated areas. In addition, apartment prices in Paju (0.37%), Deogyang-gu, Goyang (0.37%) and Giheung-gu, Yongin (0.28%) are also seeing a noticeable increase in apartment prices. Incheon was also up 0.15% this week, up from last week (0.12%). Yeonsu-gu (0.15% → 0.21%) and Michuhol-gu (0.09% → 0.19%) led the uptrend.
According to the current transaction pricing disclosure system of the Ministry of Land, Infrastructure and Transport, Ostar Paragon Complex 2 (exclusive 119m2) in Gulpo-dong, Gimpo-si on September 26 was trading at 670 million won on 24 last month. In just one month, 120 million won has increased. Additionally, Gurae-dong Lake Village e-pyeonhansesang (84㎡ exclusive area) was traded for 500 million won on 30th of last month. Compared to the 360 million won transaction on 11 last month, it increased 140 million won in just three weeks.
An official from the Korea Appraisal Board said, “As some of the demand that could not be obtained jeonse has been converted into commercial demand, the market price has increased significantly around the low- to mid-priced complexes in the metropolitan area. I predicted.
Generally, the jeonse market is an important indicator for evaluating the future trading market. This is because buyers of jeonse and monthly rent can convert to trading using loans, etc., in a situation where the difference between the jeonse and the purchase price is not large due to the jeonse price increase.
In the real estate market, public opinion is that there is a possibility that homeless people can raise the prices of their homes by buying low- to mid-priced apartments in unregulated areas of the metropolitan area, where lending restrictions are relatively few, due to the scarcity of quantity of jeonse and an increase in prices. It is very likely that end users who have not been able to find a jeonse will purchase apartments at low to medium prices, resulting in higher house prices in unregulated areas.
Reporter Kim Seong-gil
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