The average jeonse price for apartments in Seoul has surpassed 700 million won for the first time, with market expectations remaining bullish.

(1) According to Korean media outlet Newsis, driven by a shortage of housing supply, prices have risen rapidly. As of the 13th of this month, the average jeonse price (a lump-sum deposit paid for rent-free residence) for apartments in Seoul reached 745.8 million KRW, an increase of 1.2% compared to last month, setting a new record high since statistics began in June 2011. (2) The survey shows that the jeonse price outlook index in Seoul for this month is 136.1, remaining above 130 since April, indicating that the market generally expects jeonse prices to continue rising three months from now. (3) The residential price outlook index published by the Bank of Korea also rose to 127 this month, the highest level since September 2021, showing that consumers expecting higher housing prices a year from now are in the majority.