Seoul luxury monthly rents up 27.8% as contracts over 10 million won surge

From January to April this year, ultra-high monthly apartment leases above 10 million won increased in Seoul, mainly in Gangnam and Yongsan. According to Ministry of Land, Infrastructure and Transport transaction data cited on the 14th, Seoul logged 92 such apartment lease contracts, up 27.8% from 72 in the same period last year. Renewed contracts rose to 18 from 10, while cases using the lease renewal request right increased to 8 from 1. Because real estate contract reporting has a one-month deadline, the total may grow when figures are tallied through the end of this month. Of the 92 contracts, 63, or 68.5%, were large units in prime areas of Yongsan, Gangnam and Seocho. Analysts say rising ownership taxes and management burdens are leading some wealthy residents to rent instead of buy while managing cash. Source: rss.donga.com