New move-in complex in ‘charter bomb’, serious back jeonse… Gangnam area also increased by 200 million in a month

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[서울=뉴스핌] Reporter Lee Dong-hoon = Even if the rental price of apartments drops by hundreds of millions of won money, as sales pile up, there is the ‘reverse jeonse crisis’, where landlords are unable to find tenants, become more serious in the Gangnam district of Seoul.

Jeonse tenants prefer reverse rent or monthly rent to increase the interest rate of the loan. On the other hand, owners of new housing complexes sell their properties on a charter basis to pay the balance, so they are not easy to deal with. Lowering tenant expectations as house prices even fall also affects the drop in jeonse prices. There are also comments that the reverse tax crisis will intensify as housing market conditions, such as high interest rates, deteriorate further.

◆ Gaepo Xi Residence, about 400 chartered properties stacked

According to the real estate industry on the 20th, since new apartments in the Gangnam area are sold on a charter basis, even if the rental price is reduced by hundreds of millions of won, there are cases where no tenants can be found.

Gaepo Xi Residence (Gaepo Jugong Complex 4, 3375 households), which is due to move in February next year, has about 1,000 rental properties available through brokerages. Excluding duplicate listings, an estimated 300 to 400 are charter listings seeking tenants.

As the demand for jeonse decreases, the Gangnam area is also experiencing a reverse jeonse crisis. Songpa-gu, Seoul, where licensed brokerages are concentrated.<사진=윤창빈 기자>

A representative of an authorized brokerage agency near Gaepo Station said, “Until two months ago, there were about 200 to 300 listings for charter, but as more landlords find it difficult to move in, the atmosphere has increased to about 400 recently.” Since then there are no tenants to accept it, it is inevitable that the rent price will be weak.”

The rental price of this complex is around 1.1 to 1.2 billion won for a unique 84㎡. The unique 102㎡ is for sale for 1.65 billion to 1.7 billion won. Compared to a month ago, this is a drop of up to 200 million won, and the agency explains that it is unusual for the jeonse rate to be less than 50% in a newly built apartment in a location core in Gangnam.

Jamwon-dong Sinban Forel (Sinbanpo 13th) has a unique chartered property of 84㎡ for sale for 1.3 billion won. The occupancy period is June next year, and there is no history of charter transactions yet, but compared to the jeonse price of 1.6 to 1.7 billion won at Acro River View Sinbanpo, a neighboring complex, the market price has formed at a low price.

The general apartment situation in the Gangnam area is no different. The unique 84㎡ of Banpo Central Xi (757 households), which moved in in April 2020, was chartered for at least 1.3 billion won in September. 220 million won fell from 1.52 billion won traded in the same month, and 460 million won from 1.76 billion, the highest ever traded.

In Songpa-gu Helio City (9510 homes), a unique 84㎡ was chartered for a maximum of 1.58 billion won at the beginning of the year, but last month it was contracted to win at least 750 million. Jeonse sales, which ranged from 1.3 billion to 1.4 billion won, fell to 850 million to 1 billion won.

◆ Next year’s rent price is inevitable due to interest rate rises and waiting to move into large sites

In a situation where rental prices in the Gangnam area have also shown a sharp drop, additional adjustments are expected to be inevitable next year as the number of move-ins is high.

According to Real Estate R114, a total of 20,000 households are waiting to move in in the Gangnam area for two years until 2024. If you add Dunchon Jugong (12,032 households) in Gangdong-gu, which is expected to move in around January 2025, the number will increase even more. Among the large complexes about to move in are ‘Remian One Bailey’ in Banpo (2990 households), ‘DH Firstier I’Park’ in Gangnam (6702 households), and ‘Jungheung S Class Millennial’ in Gangdong (999 of households).

When the number of residents increases, it is common for the jeonse price to show weakness. Landlords have no choice but to lower the price because the number of units offered is higher than the demand for jeonse.

Interest rate rise also affects the decline in jeonse prices. Due to the burden of loan interest, the phenomenon that tenants prefer anti-war rent or monthly rent has become more prominent. From the 16th, the leasehold loan of the five main commercial banks (new Cofix) ranged from 5.20 to 7.33%. The top end is more than 7%, and is likely to break through 8% within the year. If the interest rate continues to rise, there is a high possibility that the preference for monthly rent will spread further in the jeonse market.

Yeo Kyung-hee, a researcher at Real Estate R114, said, “As the rental price continues to fall, the Gangnam area, which is about to move into a large complex, is also affected.” he said.

leedh@newspim.com

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