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Following the implementation of the new leasing law, which was based on the contract renewal application system and the monthly rent limit system, the jeonse price of apartments in the metropolitan area (ratio of the price of jeonse and the purchase price) increased for two consecutive months.
With the rise in jeonse prices, the gap between jeonse and jeonse is narrowing, and the ‘gap investment’ is raising its head to buy a house with a jeonse or to buy a property that can be occupied to establish a new jeonse .
◇ Unstable jeonse prices, end users seek to invest
According to KB Kookmin Bank’s Real Estate Liveon KB’s monthly house price trend data on the 15th, apartment rents in Seoul last month were 54.2%, increasing for the second month in a row after August (53 , 3%) and September (53.6%). The increase also expanded from 0.3 percentage points in September to 0.6 percentage points in October.
This is the first time since June 2016 that apartment rentals in Seoul have increased for the second month in a row.
Apartment rentals in Seoul fell from 75.1% in June 2016 to 53.3% in August this year. During this period, the jeonse price rate occasionally reversed, but it has only been four years and four months that they have risen for two consecutive months.
Of the 25 districts in Seoul last month, only one in Jungnang-gu (60.6% → 59.8%) fell from the previous month.
Jongno-gu (63.0%) had the highest jeonse rate and Yongsan-gu (46.2%) had the lowest.
The apartment rental rate in the metropolitan area, including Seoul, Gyeonggi and Incheon, also increased for the second month in a row, reaching 65.5% last month.
This is a new leasing law that took effect on July 31 and has a major impact on the price of the lease. As the jeonse price rate increases, trading through gap investing becomes relatively easy.
“There is a correlation between the increase in jeonse price rate and the increase in investment gap,” said Park Won-gap, a real estate expert at KB Kookmin Bank. Explained.
The 19th floor of ‘SK North Hansan City’ exclusively for ‘SK North Hansan City’ in Mia-dong, Gangbuk-gu, Seoul, sold for 658 million won on September 26. It concluded. The new owner bought this apartment for 238 million won.
For a housing type like this complex, contracts for 570 million to 670 million won were made for sale and 285 million to 350 million won for jeonse in July alone. The difference between the bargain price and the jeonse price was at least 287 million won, but after the sharp rise in jeonse prices, the gap narrowed by about 50 million won.
A representative from a real estate brokerage operating near this complex said, “There is a line of clients who want to invest in breaches for less than 300 million won.” Most of the younger generation and homeless end users, ”he said.
The president of brokerage B in Dasan-dong, Namyangju, Gyeonggi-do also said, “The current gap investment demand group is the prospective newlyweds or homeless consumers.”
◇ Gap investment concentrated in Haeundae-gu, Gimpo, Paju and Seobuk-gu, Cheonan in Busan
Gap investment trading is concentrated in unregulated areas rather than regulated areas.
According to the real estate big data company ‘Asil’ (apartment room transaction price), the regions where gap investment sales increased in the last three months were Haeundae-gu, Busan (95 cases), Gimpo-si , Gyeonggi-do (94 cases), Paju-si, Gyeonggi-do (88 cases) and Seobuk-gu, Cheonan-si, Chungnam (83 cases).
These are all unregulated areas, and there are observations that government designation of a regulated area (a speculation area, an overheated area for speculation, an area subject to adjustment) is imminent as investment demand has recently increased and house prices have overheated.
The 84-square-meter 13th floor dedicated to ‘Daewoo’ in Jwa-dong, Haeundae-gu, Busan, was sold for 466 million won on the 19th of last month, and then the new owner and tenant signed a lease for 350 million won on the 2nd of this month.
Another homeowner who bought the same type of home and apartment for 435 million won about a month before this also paid a deposit of 350 million won on the 2nd.
As such, this flat can be purchased without much difficulty if around 100 million won is financed.
The second floor of 80.1687㎡ exclusively for ‘Danggok Village World Meridien’ in Pungmu-dong, Gimpo-si, Gyeonggi-do, had the same sale price on September 8 and the contracted rental price of 235 million won on the 31st. the following month.
“The current market price is 350 million won for the sale and 250 million won for the jeonse, and the gap is about 100 million won,” said a C-authorized broker operating within the complex. “The rise in the price of jeonse is prolonged and the trading price rises.”
These areas currently have a home loan ratio (LTV) of up to 70%, and the acquisition tax for second home owners is only 1% to 3%.
Expert Commissioner Park Won-gap said: “In unregulated areas, it is likely that not only the homeless, but also one or two homeowners will make gap investments,” he said. “In addition to real demand, if investment demand is added, a further increase in house prices is inevitable. The perception that it is difficult to be excluded from regulation must also be changed.”
When designated as a regulated area, the LTV limit is drastically lowered and the acquisition tax rate is raised. If you buy a home with a mortgage loan, you must move into a new home within 6 months.
Also, regardless of the price of the house, a financing plan must be presented, and when buying a house in an overheated district, documentary evidence of the plan must be presented.
In the case of acquiring an apartment that exceeds 300 million won through a loan from the jeonse fund, the rental of the apartment is recovered.
