“Eunma 30 pyeong new 1 billion · renewal 4.3 billion”… The laughable reality of the new lease law

Daechi-dong Eunma Apt. 76.79m2 (hereinafter based on the exclusive area) signed a worldwide drug for 1 billion won (2nd floor), the highest price ever, on January 15th. On the 8th of this month, the renewal of the contract for the same equilibrium (1st floor) was made at 430,500,000 won. In about a month, the difference in jeonse prices for the same complex and the same housing type has more than doubled.

With the steadily rising jeonse prices in recent years, there are increasing cases where the difference between new and renewed jeonse prices within the same apartment (equilibrium) is about twice as high. According to the new lease protection law (right to apply for contract renewal), existing tenants have to raise their deposit by 5% and sign a renewal contract, but new tenants have no choice but to receive the increased jeonse.

According to the housing industry on the 16th, the complex where the difference between the new and renewed jeonse deposits is doubled is prominent, mainly in the Gangnam area, where the demand for real residence is high.

Looking at the actual transaction price system of the Ministry of Land, Infrastructure and Transport, Gaepo-dong’Raemian Blessage’ 59.97㎡ (7th floor) has a charter contract with a deposit of 1.2 billion won on the 3rd of this month. This housing type (22nd floor) showed a difference in deposit that was nearly twice that of a charter transaction for 690 million won on January 28. Songpa-gu’Olympic Athletes Reporter Village Complex 1’83.06㎡ (19th floor) also signed a charter contract for 1 billion won on the 4th of this month, which was traded at 546 million won (17th floor) on the 13th of last month and 5656.5 million won on the 18th. It is almost twice as expensive as a contract.

Such cases can also be confirmed in’Mayongseong’ (Mapo, Yongsan, Seongdong-gu) or the outskirts of Seoul.

The 84.3㎡ (7th floor) of’Oksu Park Hills’ in Oksu-dong, Seongdong-gu was chartered for 1.2 billion won on the 5th. Previously, the housing type showed a difference of nearly 500 million won by writing a charter contract for 787.75 million won (8th floor) on the 1st of this month and 754 million won (10th floor) on the 6th of last month.

Gangseo-gu `Deungchon Jugong Apartment` 41.85㎡ (3rd floor) signed a charter renewal contract on January 11th for a deposit of 168 million won plus 5% (8 million won) to 160 million won. However, ten days later, a charter contract was signed for 390 million won (3rd floor) on the 22nd, and the difference in the deposit doubled. ‘Gwanak Prugio’ 59.58㎡ (23rd floor) in Bongcheon-dong, Gwanak-gu, also received a price increase, and the contract was signed for 500 million won on the 6th of this month. In contrast, there were three cases in which the jeonse renewal contract was written at 366.75 million won, a 5% increase from the existing 350 million won.

While there are still consumers who want to live in Seoul for reasons of work or school, there is a concern that housing shortages for common people will continue for some time due to the shortage of supply and the high price of jeonse.

Urban Asset Management CEO Jeong Seong-jin said, “It is fortunate that households who have raised a deposit within tens of millions of won due to renewal of the contract, but new contractors who have raised more than 100 million won have no choice but to sleep at night.” Even if you look around, these areas also have a lot of higher prices compared to the previous ones, and even this doesn’t look easy.”

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