Seoul Apartment Jeonse Supply-Demand Index Hits All-Time High

[Asia Economy Reporter Yoo In-ho] The index indicating the shortage level of apartment jeonse supply in Seoul has soared to an all-time high according to a survey by the Korea Real Estate Board.

According to the weekly apartment price trend statistics released by the Korea Real Estate Board on the 6th, Seoul's apartment jeonse supply-demand index for the first week of November was surveyed at 130.1, up 5.4 points from last week (124.8).

This is the highest figure since the Korea Real Estate Board began publishing the jeonse supply-demand index statistics in July 2012.

It means that in Seoul's apartment jeonse market, supply is not keeping up with demand, causing concerns about a jeonse shortage.

The jeonse supply-demand index is an indicator showing the degree of jeonse supply shortage, expressed as a number between 1 and 200. The higher the number, the greater the shortage of jeonse supply; the lower the number, the greater the shortage of demand.

Seoul's jeonse supply-demand index fluctuated within the 100-110 range until the first half of this year, then exceeded 120 for the first time at 120.0 in the second week of August, the week following the full implementation of the new lease law.

Afterwards, the index hovered below 120 again but moved between 120 and 130 during the first to fourth weeks of last month at 121.4, 124.5, 126.1, and 124.8 respectively, before surpassing 130 for the first time in history at 130.1 in the first week of this month.

Previously, in a monthly survey by the private institution KB Kookmin Bank, Seoul's jeonse supply-demand index was 191.1 in October on a monthly basis, marking the highest in 19 years and 2 months, heightening concerns about the jeonse shortage.

In the Korea Real Estate Board's weekly survey, the jeonse supply-demand index for the Seoul metropolitan area, including Seoul, rose to 123.3, the highest level in 5 years since the first week of November 2015 (123.5).

Gyeonggi Province recorded 121.1, and Incheon 114.3, marking their highest levels in 8 years and 4 months, and 3 years and 3 months respectively.

Outside the metropolitan area, the index was 106.1, the highest since the fourth week of February 2016 (106.1).

The shortage of jeonse supply in provincial areas was also confirmed by the figures.

This week's jeonse supply-demand index in Ulsan was 134.2, the highest since the survey began, and Sejong recorded 134.8, the highest in 7 years and 11 months.

Daegu (114.1), Gwangju (105.9), Daejeon (114.6), Gangwon (108.4), Chungnam (111.8), Jeonbuk (100.9), and Jeonnam (106.5) also exceeded the baseline, indicating a shortage of jeonse supply.

This content was produced with the assistance of AI translation services.