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Jeonse prices up for record 66th consecutive week

Jeonse prices up for record 66th consecutive week

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Published : 2013-12-06 20:15
Updated : 2013-12-06 20:15

The jeonse prices of apartments across the nation increased for the 66th consecutive week, the longest streak in the nation’s history, according to a newly released report.

Online real estate information provider R114.com said the prices of apartment jeonse inched up 0.06 percent this week from a week earlier. Jeonse is a Korean-style rental system in which a tenant deposits a lump sum of money instead of paying monthly rent.

The price increase breaks the earlier record of 65 consecutive weeks, stretching from Feb. 13, 2009, to May 7, 2010.

The continued rise in jeonse prices was mainly due to jeonse residents’ reluctance to buy homes, expecting little chance of recovering their investments in the future due to falling housing prices.

It is feared that the jeonse price hike will add to the financial burden faced by working-class and lower-income households, experts said.

(joowonc@heraldcorp.com)

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