As the spring moving season begins, the number of Seoul apartment jeonse listings has fallen to nearly half of what it was two years ago.
According to real estate big data firm Asil on the 19th, as of the previous day, Seoul apartment jeonse listings totaled 15,427. That is down 49.9% from 30,750 on Apr. 18, 2024, two years ago.
Jeonse listings decreased across all 25 districts in Seoul. By district, Nowon fell 88.5% from two years ago, the steepest drop. It was followed by Jungnang (-88.0%), Gangbuk (-83.5%), Seongbuk (-83.4%) and Geumcheon (-77.1%).
In terms of the number of listings, there were only around 50 jeonse units available in Geumcheon (54), Jungnang (51) and Gangbuk (50). At Wolgye Hyundai in Wolgye-dong, Nowon, Seoul, which has 1,281 households, there are currently only two to three jeonse listings.
This trend is largely attributed to the Oct. 15 measures last year, which designated all of Seoul as a land transaction permit zone and imposed a two-year owner-occupancy requirement, effectively blocking "gap investing" (buying with a jeonse tenant in place) at the source.
Meanwhile, as jeonse listings run short, apartment jeonse prices are rising. According to the Korea Real Estate Board (REB), last month the average Seoul apartment jeonse price was 601.49 million won, climbing back above 600 million won. It is the first time in 3 years and 5 months that the average Seoul apartment jeonse price has exceeded 600 million won since Oct. 2022 (616.94 million won).