As the shortage of jeonse and monthly rent listings has worsened, the average jeonse price for apartments in Seoul has surpassed 700 million won. This is the first time it has exceeded 700 million won since KB Real Estate began compiling related statistics.
According to KB Real Estate's July nationwide housing price trends on the 28th, as of July 13, the average jeonse price for apartments in Seoul was 704.58 million won. That was up 8.39 million won from the previous month's 696.19 million won.
It is the first time the average jeonse price for apartments in Seoul has exceeded 700 million won since June 2011, when KB Real Estate began publishing the statistics.
The average jeonse price in the 11 districts south of the Han River was 811.04 million won, up 9.11 million won from 801.93 million won a month earlier. It marked the 800 million won range for two consecutive months in June and July. The 14 districts north of the river recorded an average jeonse price of 586.85 million won, up 7.75 million won from 579.10 million won in June.
The nationwide average jeonse price was 331.22 million won, posting only a slight increase from the previous month's 328.59 million won.
Seoul's jeonse price index rose 1.34% from the previous month. The district with the largest increase was Gangdong District, with a month-over-month index growth rate of 2.45%. It was followed by Seongbuk District (2.37%), Jungnang District (2.25%), Geumcheon District (2.19%), Gangbuk District (2.14%), and Nowon District (1.89%).
The outlook was that Seoul's jeonse prices will continue to rise. KB Real Estate's July outlook index for Seoul's jeonse prices was 136.1. When the jeonse price outlook index exceeds 100, it means more real estate brokerages expect jeonse prices to rise in three months than those expecting them to fall.