In the past 1 year and 6 months, the number of apartment transactions in Seoul has continued to increase, while jeonse transactions have remained stable, and the number of tenants exercising the right to request a contract renewal has significantly increased.
On the 18th, the real estate information platform Dabang analyzed 318,805 transactions of apartment sales and jeonse in Seoul from January last year to June this year, based on the actual transaction data from the Ministry of Land, Infrastructure and Transport. The analysis shows that the number of apartment transactions in Seoul in the first half of this year reached 42,584, a 53% increase from 27,744 in the first half of last year and a 43% increase compared to 29,684 in the second half of last year.
The number of jeonse transactions totaled 74,725, which is a decrease of about 1% from 75,555 during the same period last year, but represents a 9% increase from 68,513 in the second half of last year.
Jeonse transactions for apartments in Seoul have seen a continuous increase in contract renewals compared to new transactions. In the first half of last year, there were 51,461 new jeonse transactions and 24,094 renewal transactions, making the renewal rate about 32%. However, in the first half of this year, there were 43,948 new transactions and 30,777 renewal transactions, increasing the renewal rate to 41%.
In particular, among the jeonse renewal transactions in the first half of this year, those using the right to request a contract renewal amounted to 17,204, more than doubling from 7,396 during the same period last year. In the second half of last year, there were 8,340 transactions using the right to request a contract renewal.
A representative from Dabang noted, "To examine the rapidly changing real estate market situation, we compared and analyzed apartment sales and jeonse transactions in Seoul," adding, "In the first half of this year, uncertainties in the market continued, such as the lifting and designating of the land supply, and in the second half, high-intensity loan regulations, requiring more cautious judgment from actual homebuyers than ever before."