Buying is impossible, because getting a mortgage for an apartment worth 3 billion won is impossible.” “The problem is not just about soaring prices, but also the high competition to get jeonse apartments because many want to live here in spite of facing a dramatic price surge. Under South Korea’s jeonse system, the tenant pays a refundable deposit to rent a home for at least two years.īut over the past two years, the cost of a jeonse deposit for a 109-square-meter apartment in Kim’s neighborhood has surged more than 30 percent to at least 1.3 billion won ($1.1 million). I have to look for a new apartment since I was told that my landlord is moving back to this apartment,” he said. Kim’s family lives in a posh neighborhood in Yeoksam-dong, Gangnam-gu, southern Seoul, but may not be able to stay there. Kim Young-woo, a 47-year-old bank employee with two teenage kids, has had trouble sleeping in recent months.
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