00:02you're listening to ai prism from seoul economic daily three numbers about to matter if you're
00:08watching seoul's property market seoul apartment john say prices have risen for 84 straight weeks
00:14global investors like kkr and gic are pouring back into korean rental housing
00:20and five previously abandoned redevelopment zones just restarted all at once it's wednesday
00:28september 23rd let's look at what's happening in korea's property market seoul's chronic supply
00:34shortage keeps pushing both jean's deposits and monthly rents higher across the city not just in
00:40traditionally expensive districts at the same time global institutional investors who once favored
00:46tokyo and hong kong are shifting money into korean rental housing as the market moves toward monthly
00:52rent and regulatory easing is reviving redevelopment projects that had been stuck or abandoned for
00:58years here's what the numbers show seoul apartment jean's prices have risen for 84 consecutive weeks
01:07up 7.79 so far this year nearly five times last year's pace monthly rent deals above 3 million
01:15one climbed 9.7 percent nationwide this year with the no one dobong gangbook belt seeing such deals jump
01:22from just one to 12. global investors including morgan stanley kkr gic and nuveen now operate or are
01:32developing roughly 5 000 rental units in the seoul area with agreements in place for nearly 20 000 more
01:38seoul's monthly rent share of all lease transactions hit 69.7 percent in the first seven months of this
01:45year up from 63.8 percent a year earlier five previously stalled redevelopment zones including
01:53yomni 4 and song moon 2 restarted this year adding to 163 of 389 previously canceled zones now back in
02:02the
02:02pipeline the combined makdong 9 and 13 complexes cleared integrated review for a 7 810 unit reconstruction
02:11while planned seoul apartment completions keep falling from 25 281 units this year to 13 683 by 2028
02:21so what does this mean for buyers and renters in korea earlier we said john's prices have climbed for 84
02:29straight weeks here's what that actually means for you with new supply shrinking through 2028 and rents
02:36rising even in traditionally cheaper districts both buying and renting in seoul are getting more
02:42expensive at the same time not one instead of the other watch three things whether these revived
02:48redevelopment zones actually slow the drop in completions how far global institutional buying
02:54pushes rents in non-apartment housing and whether the government's tax relief for rental
02:59operators materializes to ease supply pressure that's today's ai prism real estate this episode
03:07was produced with ai assistance based on seoul economic daily reporting and reviewed by a human
03:13editor ai prism is a wanifra award-winning series we'll be back tomorrow you've been listening to ai prism
03:20from seoul economic daily
03:22you
03:23you
