Seoul Officetel Jeonse and Wolse Transaction Volume Hits Record High... Wolse Transactions Up 22% Year-on-Year

[Asia Economy Reporter Hwang Seoyul] The volume of monthly rent and lease transactions for officetels in Seoul from January to September this year reached an all-time high. In particular, the volume of monthly rent transactions surged by more than 20% compared to the same period last year.

On the 16th, real estate information provider Economy Man Lab analyzed the Seoul Real Estate Information Plaza and found that as of the previous day, the total number of officetel monthly rent and lease transactions in Seoul from January to September this year was 50,723, a 12.5% increase compared to 45,073 during the same period last year. This is the highest transaction volume since related statistics began to be compiled in 2011 (based on January to September).

In particular, the volume of monthly rent transactions increased significantly. From January to September this year, the volume of monthly rent transactions for officetels in Seoul was 27,554, up 22.1% from 22,575 in the same period last year. In the case of lease (jeonse), the volume was 23,169 this year, a modest increase of 3.0% compared to 22,498 in the same period last year.

Among the 25 autonomous districts in Seoul, Gangseo-gu recorded the highest volume of officetel monthly rent transactions from January to September this year, with 4,309 cases. This was followed by ▲Songpa-gu 2,484 ▲Mapo-gu 2,419 ▲Yeongdeungpo-gu 2,158 ▲Gangnam-gu 1,509 ▲Gwanak-gu 1,462 ▲Guro-gu 1,416 ▲Dongdaemun-gu 1,381 ▲Eunpyeong-gu 1,273 ▲Geumcheon-gu 1,243 ▲Gangdong-gu 994 ▲Seocho-gu 826, in that order. The district with the lowest volume of officetel monthly rent transactions was Seongbuk-gu, with 153 cases.

The volume of officetel monthly rent transactions exceeding 1 million KRW also hit a record high. According to the Ministry of Land, Infrastructure and Transport’s actual transaction price statistics system, the number of monthly rent transactions over 1 million KRW from January to September this year was 2,098, the highest since related statistics began to be compiled. Last year, it was recorded at 1,302 cases.

Hwang Hansol, a research fellow at Economy Man Lab, said, "Due to the impact of interest rate hikes, demand for monthly rent officetels is rapidly increasing," adding, "The housing burden for 1-2 person households seeking officetels is expected to grow."

Meanwhile, the volume of officetel sales transactions in Seoul from January to September this year was 11,890, a 16.7% decrease compared to 14,277 during the same period last year.

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