Journalist

Baek So-hee
  • KB: Seoul Apartment Price Gains Slow; Gangnam Falls for Second Month
    KB: Seoul Apartment Price Gains Slow; Gangnam Falls for Second Month Seoul apartment prices rose at a slower pace this month, while Gangnam-gu posted a second straight monthly decline, according to a KB Kookmin Bank survey. KB Real Estate said in its April nationwide housing price report released Saturday that, as of a survey conducted April 13, Seoul apartment sale prices rose 1.00% this month, easing from a 1.43% gain in March. Outer districts led the increase. Dongdaemun-gu recorded the biggest rise at 1.99%, followed by Gangseo-gu at 1.88%, Gangbuk-gu at 1.75% and Seongbuk-gu at 1.69%. Gangnam-gu, however, fell 0.29%, extending its drop from -0.16% in March and marking its second consecutive monthly decline. The "KB Leading Apartment 50" index slipped to 99.3 this month from 99.8 in March, staying below the baseline for a second month. KB calculates the index by tracking changes in the market capitalization of the top 50 apartment complexes, based on the number of households multiplied by price. KB Real Estate said the shift reflected transactions centered on bargain listings in areas with large clusters of high-priced complexes as the May 9 end date nears for a temporary suspension of heavier capital gains taxes on multi-homeowners. A polarization gauge known as the "quintile ratio" fell for a second month, to 6.7 this month from 6.8 in March and 6.9 in February. The ratio compares the average price of the top 20% of homes with the bottom 20%; a higher figure indicates wider disparity. Outside Seoul, apartment prices in the greater Seoul area rose 0.43% in Gyeonggi province and 0.04% in Incheon. In Gyeonggi, Yongin’s Suji district jumped 2.08%, the highest increase, followed by Seongnam’s Jungwon district at 1.89%, Gwangmyeong at 1.87%, Guri at 1.70%, Anyang’s Dongan district at 1.56%, Hanam at 1.53% and Seongnam’s Sujeong district at 1.23%. Across the capital region, apartment prices rose 0.55%. The five major metropolitan cities — Gwangju, Daejeon, Daegu, Ulsan and Busan — rose 0.04%, while other regions gained 0.14%. Nationwide, apartment prices increased 0.32%. Jeonse deposit prices for apartments rose 0.44% nationwide, including 0.65% in the capital region, 0.31% in the five major cities and 0.17% in other regions. In the capital region, jeonse prices rose 0.86% in Seoul, 0.60% in Gyeonggi and 0.37% in Incheon. In Seoul, Gangbuk-gu’s jeonse prices surged 3.86%, setting a record-high increase, KB said. Seongbuk-gu rose 1.86%, Seongdong-gu 1.32%, Gwanak-gu 1.31%, Dobong-gu 1.15%, Gangseo-gu 1.12% and Dongdaemun-gu 1.00%. Seoul’s median apartment jeonse deposit reached 600 million won this month, topping 600 million won for the first time in 3 years and 7 months since September 2022, when it stood at 600.658 million won. Including apartments as well as detached homes and multi-family and row houses, nationwide home sale prices rose 0.22% this month and jeonse prices increased 0.31%. This month’s nationwide outlook indexes rose from the previous month, with the home sale price outlook index at 102.0, up 2.1 points, and the jeonse price outlook index at 117.5, up 1.6 points. In Seoul, the sale price outlook index climbed 11.2 points to 112.0 and the jeonse outlook index rose 7.0 points to 132.4. Both remained above the 100 baseline, indicating more respondents expect prices to rise.* This article has been translated by AI. 2026-04-26 14:33:16
  • Seoul Apartment Lease Demand Hits Highest Level Since June 2021, Data Show
    Seoul Apartment Lease Demand Hits Highest Level Since June 2021, Data Show Seoul’s apartment lease supply-demand index, a gauge of the balance between demand and supply for jeonse deposits, has climbed to its highest level since June 2021, signaling demand is outpacing available listings. According to the Korea Real Estate Board on the 26th, the index for the third week of April (as of April 20) came to 108.4, up 3.2 points from the previous week’s 105.2. The increase was larger than the prior week’s 0.7-point rise. It was the highest reading in about five years, since 110.6 in the fourth week of June 2021 (as of June 28). Readings above 100 indicate more tenants seeking jeonse than landlords offering it; the closer to 200, the stronger the demand relative to supply. The index rose as high as 109.1 in September 2021, a period widely described as a jeonse crunch. After the 2020 enactment of two rental laws — the right to request a contract renewal and a cap on rent increases — jeonse listings in the Seoul metropolitan area tightened, pushing prices higher. The annual apartment jeonse increase rate in the metropolitan area reached 10.65%. In Seoul, the index moved above 100 starting in the third week of May last year (100.2) and has continued to rise since March as the spring moving season began. By region, the index was highest in the northeast area (Seongdong, Gwangjin, Dongdaemun, Jungnang, Seongbuk, Gangbuk, Dobong and Nowon) at 111.3. It was followed by the northwest (Eunpyeong, Seodaemun and Mapo) at 108.6, the southwest (Yangcheon, Gangseo, Guro, Geumcheon, Yeongdeungpo, Dongjak and Gwanak) at 108.2, the southeast (Seocho, Gangnam, Songpa and Gangdong) at 105.3, and the central area (Jongno, Jung and Yongsan) at 105.3. The rise is being attributed to a mix of factors, including tighter rules affecting rental businesses and lending, and fewer listings from owners of multiple homes. The government’s Oct. 15 measures designated all of Seoul and 12 areas in Gyeonggi Province as land transaction permit zones, requiring owner occupancy and blocking so-called gap investment — buying homes with a jeonse tenant in place — which contributed to the listing squeeze. Tax rules aimed at encouraging multi-home owners to sell also had an impact as some existing rental homes shifted to owner occupancy. Lee Chang-moo, a professor of urban engineering at Hanyang University, said rental supply needs to keep pace with newly formed households, but “the path for rental businesses or multi-home owners to expand supply is blocked, and if they sell, the homes shift to owner-occupied.” He added, “It’s not just that one rental unit disappears — the chain of housing moves gets clogged.” The shift from jeonse to monthly rent is also accelerating. According to housing statistics from the Ministry of Land, Infrastructure and Transport, monthly rent accounted for 68.3% of the national rental market in February, the highest in five years. In Seoul, the share was 70.3%, above the national average and a key driver of the rise. With jeonse supply tight, prices are also rising quickly. Seoul apartment jeonse prices rose 0.22% in the third week of April from the previous week, the biggest weekly increase since December 2019. The average jeonse price, as of last month, was 600.149 million won, topping 600 million won for the first time in three years and five months. Jin Chang-ha, a professor of economics at Hanyang University, said in the Seoul metropolitan area, where homeownership is relatively low, tighter lending rules that make leveraged investment harder can lead investor-held homes to shift into the sales market or to arrangements with smaller deposits and higher monthly payments. “As a result, existing jeonse supply will convert to monthly rent, and existing jeonse tenants will shift into end-user demand in outlying areas — a major change,” he said. 2026-04-26 13:48:19
  • Hoban Construction Wins $110 Million Seoul Housing Redevelopment Contract
    Hoban Construction Wins $110 Million Seoul Housing Redevelopment Contract Hoban Construction said April 26 it has won the contract for the “Myeonmok Station 6-5 district street housing redevelopment project” in the area around 113-1 Myeonmok-dong, Jungnang-gu, Seoul. The project calls for six apartment buildings, from three basement levels to 29 stories above ground, with 449 units and related community and welfare facilities. Total construction costs are estimated at about 150 billion won. The site is within walking distance of Myeonmok Station and Sagajeong Station on Seoul Subway Line 7, and is near green spaces including Yongmasan, Sagajeong Park and Kkachi Children’s Park. Within a 1-kilometer radius are schools including Myeondong Elementary School, Junghwa Middle School, and Myeonmok Middle and High School. Hoban Construction said it plans to actively review additional bids linked to nearby areas around the Myeonmok Station 6-5 district to advance a “Moa Town” project. Moa Town is a Seoul city small-scale redevelopment program that groups multiple zones of aging low-rise residential neighborhoods for development. The company has said it is expanding orders for urban redevelopment projects in Seoul and other major cities in the greater capital area since opening its Seoul office at the Korea Press Center in Jung-gu, Seoul, in October last year. * This article has been translated by AI. 2026-04-26 13:40:08
  • Hyundai E&C, DL E&C tout design and financing in Seoul Apgujeong 5 redevelopment bid
    Hyundai E&C, DL E&C tout design and financing in Seoul Apgujeong 5 redevelopment bid Hyundai Engineering & Construction and DL E&C, both bidding for the redevelopment of Apgujeong District 5 in Seoul’s Gangnam district, have unveiled their proposed terms. Hyundai E&C is emphasizing a luxury residential complex featuring AI-based services and panoramic river-view design, while DL E&C is pitching a construction cost of 11.39 million won per 3.3 square meters and what it calls the industry’s lowest interest rate. Hyundai E&C said April 23 it proposed the name “Apgujeong Hyundai Galleria” for the complex. The company said the name combines “Apgujeong Hyundai,” long seen as a symbol of top-tier housing, with “Galleria,” a department store it described as a landmark for upscale lifestyle in the area. Hyundai E&C said it will work with Hyundai Motor Group to apply advanced robotics across the site, including demand-responsive transport, or DRT. It said residents would be able to call an unmanned DRT shuttle from their homes as part of a mobility system linking Apgujeong “like a single city.” The proposal also includes nano-mobility support, porter robots and robo-stations for contactless deliveries, parking and EV-charging robots for a smart parking system, and unmanned firefighting robots. On design, Hyundai E&C said it would go beyond 100% Han River views for all units by offering “Zero Wall” wide panoramic views extending up to 240 degrees, and apply a 3-meter coffered ceiling height to enhance openness. It also proposed upscale amenities, including a large community facility called “Club Apgujeong,” described as 12 pyeong per household, and a “The Circle 420” loop-style community space it said would be the first of its kind in Korea. Hyundai E&C said it plans to work with Hanwha so residents can access services through a dedicated membership, including use of VIP lounges at Galleria’s luxury store, shopping benefits and exclusive programs. A Hyundai E&C official said Apgujeong is an area where preference and expectations for “Apgujeong Hyundai” are high beyond Districts 2 and 3, where the existing complex stands. The official said the company will carry forward District 5’s identity while completing “Apgujeong Hanyang” as a new “Apgujeong Hyundai.” DL E&C proposed the name “ACRO Apgujeong,” applying its high-end ACRO brand, and highlighted what it described as more predictable and stable construction and financing terms. It said it made a firm offer of 11.39 million won per 3.3 square meters, more than 1 million won below the estimated construction cost presented by the association, and offered a “zero burden from price increases” solution aimed at insulating the project from inflation spikes. DL E&C said it proposed a “zero added margin” rate for essential project financing, calling it among the lowest rates in recent redevelopment projects. It also set a construction period of 57 months, four months shorter than Apgujeong District 2, to reduce interest costs on members’ relocation loans and project financing, it said. The company also proposed an unusual loan-to-value ratio of 150% for relocation financing, saying it was a response to tighter lending rules and higher borrowing costs that have made relocation funding harder to secure. On profitability, DL E&C proposed “zero” construction costs for commercial facilities and offered to expand retail space to 5,069 pyeong (about 16,730 square meters) from the association’s original plan. It said that would increase commercial sales revenue by 660 million won per household. It also said it would increase usable area per household by 1,535 pyeong (about 5,065 square meters) to maximize members’ asset value. A DL E&C official said the company included multiple fixed terms to minimize members’ burden and risk, calling them conditions rarely seen in other redevelopment projects. The official said DL E&C also concentrated its product design capabilities to deliver Apgujeong District 5 as a high-end residential complex aiming to be the best in South Korea. Apgujeong District 5, a redevelopment of Apgujeong Hanyang Apartments Phases 1 and 2, is being 추진되고 있다 under Seoul’s fast-track integrated planning program. Once completed, it is set to include 1,397 households across eight buildings, from five basement levels to 68 stories above ground. It is the only Apgujeong redevelopment project being contested through competitive bidding. * This article has been translated by AI. 2026-04-23 17:25:04
  • Seoul Expands Floor-Area Ratio Relief to Station-Area Long-Term Lease Housing Redevelopment
    Seoul Expands Floor-Area Ratio Relief to Station-Area Long-Term Lease Housing Redevelopment Seoul is expanding its policy to ease baseline floor-area ratio limits to include station-area long-term lease housing projects, raising expectations that redevelopment zones with approved plans can improve feasibility by reducing required rental housing shares. The city said April 23 that station-area long-term lease housing sites already designated as redevelopment zones and with plans finalized will apply the eased baseline floor-area ratio at the later integrated review stage. Under Seoul’s plan to promote station-area long-term lease housing, developers can receive up to a 30% increase in the baseline floor-area ratio through two steps. First, supplying at least 20% small homes of 60 square meters or less raises the baseline by 20%. An additional increase of up to 10% can be granted by applying a project profitability adjustment factor. In the first project to apply the policy, the Singil station-area redevelopment in Yeongdeungpo District increased the number of units for sale to the public by 29, to 628 from 599. The area received approval for a revised redevelopment plan in 2024, and the change passed the city’s seventh integrated review committee for redevelopment projects on April 16. The adjustment factor applied was 1.45. The city calculates the figure by dividing Seoul’s average officially assessed land price by the project area’s average assessed price, then adding coefficients for site area and household density. A Seoul official said that if the city eases the baseline floor-area ratio by up to 30%, the 20% portion is fixed, while the remaining 10% can vary depending on the adjustment factor. The official said the factor is intended to provide a boost when a project area’s assessed land price is lower than the city’s average for reconstruction and redevelopment. Districts such as Seodaemun and Dongdaemun, where assessed land prices are below the average, are expected to benefit. A key example is the Hongje station-area long-term lease housing urban renewal-type redevelopment near Hongje Station on Seoul Subway Line 3 in Seodaemun District. The district opened a public review of a redevelopment plan in November to build a complex of 3,026 households. Of those, 392 would be redevelopment rental units and 784 public rental units, leaving 1,850 for general sale. If the baseline floor-area ratio is eased through the adjustment factor, the rental share could fall further. In Dongdaemun District, the city on April 16 completed an official notice designating the redevelopment zone and finalizing the plan for the Sinimun 2 station-area long-term lease housing urban renewal-type redevelopment. The project calls for 1,200 households, including 115 rental units and 247 long-term lease units. The official said that with baseline floor-area ratio easing now applied to station-area long-term lease housing redevelopment, the average proportional rate is expected to rise by about 10%. The profitability adjustment factor, however, will not apply in Seoul’s three Gangnam districts and Yongsan District. In the Wonhyoro 1-ga station-area long-term lease housing urban renewal-type redevelopment, for example, the project can receive only the 20% easing tied to supplying at least 20% small homes of 60 square meters or less. Even with that benefit, the project expects the rental share to shrink to 27% from 29%. 2026-04-23 15:58:42
  • Hyundai E&C Proposes Apgujeong Hyundai Galleria Name for Apgujeong 5 Redevelopment
    Hyundai E&C Proposes 'Apgujeong Hyundai Galleria' Name for Apgujeong 5 Redevelopment Hyundai Engineering & Construction, which is bidding for the redevelopment of Apgujeong District 5 in Seoul’s Gangnam district, said on the 23rd it has proposed the complex name “Apgujeong Hyundai Galleria.” The company said the name combines “Apgujeong Hyundai,” long seen as a symbol of top-tier housing in South Korea, with “Galleria,” the department store brand associated with luxury lifestyle. Hyundai E&C said it will work with Hyundai Motor Group to apply advanced robotics across the complex, including demand-responsive transport, or DRT. The company said residents would be able to summon an unmanned DRT shuttle from their homes, creating a mobility network that links Apgujeong “like a single city.” Other proposals include nanomobility for personal movement support; porter robots and robo-stations for contactless deliveries; parking robots and EV charging robots for a smart parking system; and unmanned firefighting robots. On the residential side, Hyundai E&C said it designed “Zero Wall” wide panoramic views extending up to 240 degrees, beyond 100% Han River views for all units, and applied a 3-meter coffered ceiling height to enhance openness. Planned amenities include “Club Apgujeong,” a large community facility of 12 pyeong per household, and “The Circle 420,” which the company described as the country’s first circular community space to be built at the center of the complex. Hyundai E&C also said it plans to work with Hanwha so residents can access services through a dedicated membership, including use of VIP lounges at Galleria’s luxury store, shopping benefits and participation in exclusive programs. Apgujeong District 5, which will redevelop Apgujeong Hanyang 1 and 2 apartment complexes, is being 추진되고 있다 under Seoul’s fast-track integrated planning system. Once completed, it is set to include eight buildings ranging from five basement levels to 68 stories above ground, with 1,397 housing units. It is the only Apgujeong redevelopment project being bid competitively, with Hyundai E&C and DL E&C participating.* This article has been translated by AI. 2026-04-23 15:52:07
  • Seoul Apartment Prices Rise 0.15% as Outer Districts Lead Gains; Songpa Turns Up
    Seoul Apartment Prices Rise 0.15% as Outer Districts Lead Gains; Songpa Turns Up Seoul apartment prices rose 0.15% from a week earlier, led by continued strength in midpriced districts such as Seongbuk, Dongdaemun, Gangbuk and Gangseo, where such housing is concentrated. According to the Korea Real Estate Board’s weekly apartment price trend report released on the third week of April (as of the 20th), Seoul’s sales prices increased 0.15%, accelerating from a 0.10% rise the previous week. Outer districts with relatively affordable apartments drove the gains. Seongbuk-gu rose 0.27%, led by Gil-eum and Hawolgok; Dongdaemun-gu gained 0.25% on strength in Dapsimni and Hwigyeong; Gangbuk-gu climbed 0.24% around large complexes in Mia and Beon; Gwangjin-gu added 0.22% in Guui and Gwangjang; and Nowon-gu rose 0.22% near subway stations in Wolgye and Junggye. Among the 11 districts in the broader Gangnam area, increases were more pronounced in outlying parts. Gangseo-gu rose 0.31% around Gayang and Yeomchang, and Gwanak-gu gained 0.28% led by large complexes in Bongcheon and Sillim. Songpa-gu rose 0.07% in the third week, ending an eight-week decline. By contrast, Gangnam-gu fell 0.06%, led by Apgujeong and Yeoksam, and Seocho-gu slipped 0.03% around transit areas in Banpo and Bangbae. Nam Hyeok-woo of Woori Bank’s real estate research institute said sellers in Seoul’s mid-tier areas that showed strong prices in the first half of the year moved to buy, focusing on distressed listings in Seongdong, Gwangjin, Dongjak and Mapo. He said that as distressed listings in popular parts of Songpa were largely absorbed, demand shifted to less popular, relatively cheaper areas, with transactions extending into nearby Gangdong. Gyeonggi Province rose 0.07%, unchanged from the previous week. Preferred areas led the gains, including Dongtan in Hwaseong (0.41%), Gwangmyeong (0.34%) and Yeongtong-gu in Suwon (0.31%). Guri (0.29%) and Hanam (0.29%) also increased. Outside the capital region, apartment prices fell. The five major metropolitan cities, which were flat the previous week, slipped 0.01% in the third week. Sejong fell 0.07% after rising 0.02% a week earlier, turning negative. Nam said the solid price trend in Seoul’s lower-to-mid tier areas is spreading in part to outlying areas of Gyeonggi, adding that the current “catch-up” pattern centered on those Seoul districts could gradually extend further into Gyeonggi’s outskirts. 2026-04-23 14:09:18
  • POSCO E&C to Sell 2,857-Unit The Sharp Geomdan Lake Park in Incheon in May
    POSCO E&C to Sell 2,857-Unit The Sharp Geomdan Lake Park in Incheon in May POSCO E&C said it will begin sales in May for “The Sharp Geomdan Lake Park,” a large apartment complex in Blocks 22 and 23 of Geomdan New Town in Incheon. It will be the first “The Sharp” branded apartments supplied in Geomdan New Town, with 1,454 units in Block 22 and 1,403 in Block 23, for a total of 2,857 households. Units will be offered in 59 square meters and 84 square meters of exclusive area, sizes popular with buyers. The project will be supplied as private sales on public land, meaning the price cap system will apply. The company expects pricing to be competitive compared with nearby market levels, drawing interest from end-users in the Seoul metropolitan area. The complex is near Geomdan Lake Park and Najinpo Stream, offering easy access to waterfront space. The company cited examples in major new towns such as Songdo, Cheongna and Gwanggyo, where housing near lake parks has helped lead local residential values, and said expectations are high for a comfortable living environment. POSCO E&C also highlighted transportation access, saying residents can walk to Wanjeong Station on Incheon Subway Line 2 and Geomdan Lake Park Station on Incheon Subway Line 1. It said the Incheon International Airport Expressway and the Seoul Metropolitan Area First and Second Ring Expressways provide broad road connections, making travel to central Seoul and key hubs across the region more convenient. The company added that a recently opened connector road between Geomdan and Dream Road has further improved access toward the Gyeyang area. Further transit expansion is also anticipated. POSCO E&C said nearby Singeomdanjungang Station is expected to improve access to Seoul as plans move forward to extend Seoul Subway Line 5. For education, the company said sites for a kindergarten and future elementary and middle schools are planned near the complex, and residents can also use the private academy district around Majeon Station. A real estate industry official said demand tends to concentrate on complexes that combine brand recognition, large scale and a waterfront location. A model home for “The Sharp Geomdan Lake Park” is planned in the Wondang-dong area of Seo-gu, Incheon.* This article has been translated by AI. 2026-04-23 05:04:17
  • Hyundai Engineering to Sell Hillstate Guwol Art Park Apartments in Incheon in April
    Hyundai Engineering to Sell Hillstate Guwol Art Park Apartments in Incheon in April Hyundai Engineering said it plans to begin sales this month for Hillstate Guwol Art Park, a new apartment complex in Incheon. The project will include four towers ranging from six basement levels to as high as 39 stories, with 496 units in 84 and 101 square meters (exclusive-use area). The complex will be directly connected to Arts Center Station on Incheon Subway Line 1. Incheon City Hall Station, one stop away and a transfer point for Lines 1 and 2, is slated to have a stop on the GTX-B line linking Songdo and Maseok. The developer said it will apply a “curtain wall look” exterior design and focus on south-facing layouts. All units will use a four-bay, flat-plan design, and most will feature cross-ventilation (excluding some units) to improve daylight, airflow and openness. By unit type, plans include entryway and hallway pantries, powder rooms and dressing rooms. With the planned GTX-B opening, residents using Arts Center Station would be able to reach major central Seoul areas such as Yeouido and Seoul Station in about 20 to 30 minutes, the company said. The complex sits in front of Central Park, about 350,000 square meters, and is near Seunghaksan and Incheon Aetteul, offering access to both city amenities and green space. Nearby facilities include Lotte Department Store’s Incheon branch, the Guwol-dong Rodeo Street shopping area and Gachon University Gil Medical Center. The project also plans a large on-site commercial facility of about 6,337 pyeong. Large-scale development is also underway around the site. The Incheon Urban Development Corp. is developing about 2.2 million square meters in the Guwol-dong area under the Guwol I-City project. Plans call for about 16,000 households and more than 39,000 residents, along with a mixed-use space combining culture and startups and a health care-focused city. A model home for Hillstate Guwol Art Park will be set up at 1547-1, Guwol-dong, Namdong-gu, Incheon, and is scheduled to open in April. * This article has been translated by AI. 2026-04-23 05:03:54
  • Villa Sales Jump in Seoul School Districts as Apartment Lease Listings Dry Up
    Villa Sales Jump in Seoul School Districts as Apartment Lease Listings Dry Up As apartment jeonse (lump-sum deposit leases) listings tighten in Seoul’s top school districts, more families are turning to villas — low-rise multi-family and row-house homes — in areas such as Mok-dong and Daechi-dong. Data from the Transport Ministry’s real estate transaction disclosure system showed that villa purchases and new lease contracts rose ahead of the new school term in key education hubs including Mok-dong, Daechi-dong and Junggye-dong in Nowon District. In Mok-dong, a major private academy area, villa sales totaled 400 as of the reporting date, with 347 deals concentrated from January through March. That was up 82.6% from 190 in the same period a year earlier. New jeonse and monthly-rent contracts also increased. The total reached 534 as of the reporting date, with 453 signed from January through March. That was an 11.0% rise from 408 a year earlier, suggesting school-term demand lifted both sales and rentals. Daechi-dong in Gangnam District and Junggye-dong showed similar patterns. In Daechi-dong, jeonse and monthly-rent transactions rose 7.8% to 250 in January-March from 232 a year earlier; the cumulative total was 277 as of the reporting date. Villa sales in January-March came to 23, up 35.3% from 17 a year earlier, with 28 sales recorded in total. In Junggye-dong, January-March sales jumped to 16 from seven a year earlier, a 128.6% increase; the cumulative total was 17. New lease contracts totaled 33 as of the reporting date, with no transactions recorded in April. That was more than triple the 10 contracts in the same period last year. The villa market in school districts began to warm after March last year, when the Gangnam three districts and Yongsan District were designated land transaction permit zones, adding owner-occupancy requirements. In Daechi-dong, row-house and multi-family sales rose from 17 in 2023 to 29 in 2024 and 90 in 2025. The trend continued through tighter lending rules and an expansion of regulated areas last year, and analysts said worsening lockups in jeonse supply further boosted villa demand. In Daechi-dong, row-house and multi-family sales in the second half of last year (58) were nearly double the first half (32). Rising apartment prices in school districts also pushed demand toward villas. Apartment sale prices in the Gangnam three districts rose about 6%, or 2.6 times Seoul’s overall average increase of 2.29%. The apartment rental market has tightened as multi-home owners put properties up for sale, reducing lease supply, while more tenants renew existing contracts, creating a chain reaction of shortages. According to the real estate platform Asil, Mok-dong jeonse and monthly-rent listings have been declining, and the market says the supply crunch is being felt. Jin Chang-ha, a professor in Hanyang University’s economics department and president of the Korea Housing Association, said the shift reflects structural change as investment-driven ownership declines and owner-occupancy rises amid tighter rules. “With moves to regulate loan maturities on top of restrictions on non-resident single-home owners and new jeonse loan guarantee rules, the market structure is being reshaped, leading to a structural transition,” he said. 2026-04-22 15:22:50