Still No Solution to the Jeonse Crisis... Jeonse and Sales Stir in Provinces Following Seoul

Seoul Apartment Jeonse Price Increase Rate Expands to 0.14% in the 2nd Week of November
5 Major Metropolitan Cities' Sale Price Increase Rate at 0.39%, 'All-Time High'
Government Still Says "In-Depth Discussions Ongoing"

(Photo)

[Sejong=Asia Economy Reporter Joo Sang-don] Despite the recent intensifying Jeonse crisis, the government has yet to find a 'sharp measure,' leading to rising sale and Jeonse prices not only in Seoul but also in provincial areas.

According to the Korea Real Estate Board on the 13th, the Seoul apartment sale price index recorded 102.6 in the 2nd week of November (as of the 9th), rising 0.14% compared to the previous week. This is an increase of 0.02 percentage points from the 1st week of November (0.12%).

Although Gyeonggi Province's increase rate slightly slowed from 0.24% in the 1st week to 0.23% in the 2nd week of November, Seoul and Incheon (0.48% → 0.61%) rose, causing the overall metropolitan area to increase from 0.23% to 0.25%.

The Jeonse price rise trend is no exception in provincial areas. Among the 17 cities and provinces, excluding the metropolitan area (Seoul, Gyeonggi, Incheon), the Jeonse price increase rate in the 14 provincial areas rose from 0.23% in the 1st week to 0.29% in the 2nd week of November.

The provincial sale price increase rate rose from 0.19% in the 1st week to 0.27%. Especially, the 5 major metropolitan cities (Busan, Daegu, Gwangju, Daejeon, Ulsan) saw a sharper rise from 0.29% to 0.39%. This is the highest increase rate since statistics began in May 2012.

Although the Jeonse crisis impact is spreading from Seoul's Jeonse price instability to the provincial sale and Jeonse markets, the government continues to repeat that it is 'discussing.' On the 11th, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki chaired the 'Ministerial Meeting (Green Room Meeting)' at the Government Seoul Office. Afterwards, the Ministry of Economy and Finance stated, "Participants reviewed the Jeonse market trends and had in-depth discussions on various housing stability measures for low-income and middle-class households, including housing supply management and the supply of quality lifelong housing," adding, "We agreed to promptly consider necessary measures going forward."

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