Jeonse blues

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Jeonse blues

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A real estate agency in Songpa District, southern Seoul on Tuesday. Seoul apartment prices rose sharply last month but jeonse (long-term rental deposits) prices failed to keep up. In the Gangnam area of southern Seoul, jeonse prices recently fell below 50 percent of actual apartment prices, a crucial threshold. The fall indicates that it has become nearly impossible to buy a home while tenants on jeonse are still living in it. This common practice is known as “gap investment.” [YONHAP]

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