50% of New Rental Housing Priced Below 300 Million KRW
[Asia Economy Reporter Yoo In-ho] About half of the newly registered rental housing units last year had a publicly announced price of 300 million KRW or less. It is analyzed that there is not a strong correlation with the recent price increase trend of high-priced houses exceeding 900 million KRW in market value.
According to the Ministry of Land, Infrastructure and Transport on the 3rd, among the newly registered rental housing units last year, those with a publicly announced price of 300 million KRW or less accounted for 52.2% (36,297 units), the highest proportion. This was followed by those priced over 300 million KRW and up to 600 million KRW at 31.5% (21,900 units), and those over 600 million KRW at 16.3% (11,374 units). This excludes officetels without publicly announced prices.
With rental housing priced at 600 million KRW or less (market value 900 million KRW) accounting for 83.7%, the Ministry of Land, Infrastructure and Transport views that these did not significantly influence the price increase trend of high-priced houses.
By building type, officetels had the highest number of new registrations at 56,000 units. This was followed by multi-family houses (7,115 units), multi-unit houses (6,119 units), apartments (4,752 units), detached houses (1,025 units), urban lifestyle housing (969 units), and row houses (343 units).
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An official from the Ministry of Land, Infrastructure and Transport stated, “To ensure housing stability for tenants living in private rental housing, we will strengthen policies for activating rental registration, systematic management of rental business operators, and protection of tenant rights. Through joint inspections with related agencies, we will investigate whether operators violate public obligations, and impose strict measures such as fines and recovery of tax benefits if violations are detected. We will also actively promote measures to prevent tenant damages caused by non-return of rental deposits and improve related systems.”
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