The jeonse crisis is spreading beyond Seoul and metropolitan areas to local and metropolitan cities.
In particular, the weekly increase in apartment rental prices in Busan, Jeonju, and Gangwon has risen to the highest level in eight and a half years since the Korea Appraisal Board began publishing statistics, and Seoul has soared to the highest level ever.
In the KB Kookmin Bank survey, the index that predicts the jeonse price in the future recorded the highest level since the 2016 survey in the metropolitan area, five metropolitan cities, and nationwide, indicating that there is a lot of concern over the ‘jeonse crisis.
According to the Korea Appraisal Board today (16th), in the apartment transaction trend statistics surveyed on a weekly basis, the nationwide apartment rental price increase rate was 0.27% last week, the highest in 7 years and 1 month since the second week of October 2013 (0.29%). .
This is the second highest increase in history, following 0.29% seven years ago, since May 2012, when the appraisal agency started writing the statistics.
The rate of increase in apartment rental prices in the provinces last week was 0.29%, the highest ever.
Just one week ago (the first week of November), the record was rewritten after breaking the record high with a 0.23% increase, which shows how steep the recent increase in the previous set.
Local rental prices have jumped greatly in metropolitan cities and metropolitan cities.
In the case of Busan, the rate of increase of the entire set price recorded 0.35% last week, breaking the record for the record high.
Ulsan rose 0.56%, slightly lower (0.04% points) from the previous week (0.60%), but recorded the second increase.
In Daegu, Suseong-gu also rose 0.82%, showing the third highest increase rate since the survey.
Due to this effect, apartment rental prices in the five metropolitan cities excluding Incheon reached a record high of 0.33% last week.
In the case of Incheon, it rose 0.61% last week, showing the second highest increase rate since the fourth week of February 2014 (0.63%).
In Incheon, Yeonsu-gu soared 1.83%, and the total price increased the most since the survey.
The rate of increase in rent for apartments in 8 provinces also increased significantly, reaching 0.22%, the second highest since the second week of October (0.25%).
Gangwon-do reached an all-time high of 0.32%, and Jeonju, Jeollabuk-do rose 0.32%, rewriting the record high.
Gyeongnam rose 0.28%, showing the highest rate since the first week of April 2013 (0.29%), while in Gyeongnam, Changwon rose 0.62% last week, changing the record high.
After the new lease law, which introduced the cheonsei limit system and the right to apply for contract renewal, the jeonse price jumps, raising the price of mid- to low-priced apartments nationwide.
In the appraisal survey, the rate of increase in apartment sales prices nationwide last week was 0.21%, the highest since the survey, excluding the fourth week of June this year (0.22%).
Local apartment prices rose 0.27% to record the highest increase in history, and the five metropolitan cities excluding Incheon also recorded a record high of 0.39%.
Gimpo, Gyeonggi Province, rose 1.94% from the previous week to a record high, and this week also rose 1.91% to record a high rate of increase for the second consecutive week, and Paju also recorded the third highest increase of 0.47%.
The rate of increase in apartment prices in Busan was also 0.56%, the highest ever.
In Busan, a number of regions such as Suyeong-gu (1.13%), Haeundae-gu (1.09%), Yeonje-gu (0.88%), Busanjin-Nam-gu (0.81%), and Dongnae-gu (0.79%) have shown a sharp rise in recent years.
In Daegu, apartment prices in Suseong-gu (1.11%) rose to an all-time high last week, and Ulsan was the second highest in history with 0.35%.
In terms of provinces, Gyeongnam rose 0.26%, recording the highest rate ever.
In Gyeongnam, the price of apartments in Changwon rose 0.80% last week, also rising to a record high.
Young-jin Ham, head of Jikbang's Big Data Lab, said, "Even in an appraisal survey, which is said to be conservative, the prices of low- and mid-range houses continue to rise nationwide."
It is a public opinion that the recent jeonse crisis emerged as the effect of the new lease law overlapped with the shortage of cheonsei supplies.
The jeonse lockdown has intensified as the demand for existing houses to be settled at two years lower price by utilizing the right to apply for a contract renewal for jeon and monthly rent has intensified, and as landlords tried to receive a four-year deposit at the same time, the jeonse price also jumped significantly.
In support of this analysis, the indicator of the jeonse supply shortage is the highest ever.
In a weekly survey by the Appraisal Board, last week, the jeonse supply and demand index in the metropolitan area was 123.8, and the jeonse supply and demand index in Seoul was 131.1, respectively, the highest.
The jeonse supply and demand index is an indicator of the degree of shortage of jeonse supply and is expressed as a number between 1 and 200.
A higher number indicates a shortage of jeonse supply, and a lower number indicates a lack of demand.
Seoul's jeonse supply and demand index continued to fluctuate in the range of 100 to 110 boxes until the first half of this year, and then crossed the 120 line for the first time at 120.0 in the second week of August after the new lease law was implemented.
Since then, the index, which had moved sideways below 120, moved between 120 and 130 in 121.4, 124.5, 126.1, and 124.8 in the 1st to 4th week of last month, and broke this record again last week after reaching a record high in the first week of this month (130.1). It.
Previously, in a monthly survey by a private institution, KB Kookmin Bank, Seoul's jeonse supply and demand index was 191.1 on a monthly basis, recording the highest in 19 years and 2 months, raising concerns about cheonsei crisis.
The jeonse price forecast index, which predicts the future jeonse price, also showed the highest level.
According to the KB Kookmin Bank survey, the nationwide jeonse price forecast index last month was 131.7, the highest level since January 2016, when the index was released.
In addition to the metropolitan area (138.6), Busan (123.2), Daegu (144.1), Incheon (134.6), Gwangju (112.2), and Ulsan (138.6) all have the highest indexes since the survey, indicating that there is a greater concern about cheonsei in the future.
KB Kookmin Bank's senior expert real estate expert Park Won-gap said, "As the cheonsei crisis continues due to insufficient cheonsei quantity, there is a concern that the jeonse will become reversible, and the stability of housing for the common people will be threatened by boosting the prices of mid- to low-priced homes in the outskirts of Seoul, the metropolitan area, and local big cities." I said.
(Photo = Yonhap News)