From BigGo Finance · BigGo Finance · · 1m 20s
South Korea's Olympic Park Foreon Lease Expirations Spike
1,056 lease contracts for South Korea's Olympic Park Foreon expire next month, driving jeonse deposits up $420,000.
In brief
1,056 lease contracts for South Korea's Olympic Park Foreon expire next month, driving jeonse deposits up $420,000. South Korea's Olympic Park Foreon faces 1,056 lease expirations by March 2025, causing jeonse deposits to surge by 500 million won. Originally reported by BigGo Finance.
Lease Expirations
1,056 lease contracts for South Korea's Olympic Park Foreon expire between next month and March 2025.
Deposit Surge
Jeonse deposits for 84-square-meter units jumped 500 million won from 1.1 billion won to 1.65 billion won.
Mandatory Residence
Three-year mandatory residence requirement for price-capped apartments ends in November 2027.
Market Impact
Jeonse prices in Gangdong, Songpa, and Hanam districts rose 7.27% from January to September.
Adjacent Areas
Tenants in Gangdong face elevated prices even if relocating to Songpa or Hanam.
Complexes in Line
e-Pyeonhansesang Godeok Urban Bridge and The Sharp Hanam Edifice face similar expirations next year.
Market Outlook
Jeonse shortages expected to persist until 2028 as landlords re-enter rental market.
Price Trends
84-square-meter units saw jeonse prices rise from 800-900 million won to 1.65 billion won.
Sales Decline
Sales prices for 84-square-meter units fell from 3.3 billion won to 2.7 billion won.
Market Expert
Real estate expert warns of widespread tenant migration and price pressure.
The key point
South Korea's Olympic Park Foreon faces 1,056 lease expirations by March 2025, causing jeonse deposits to surge by 500 million won.
