Business · Economy · 2 hrs ago
More than 6,600 Seoul long-term lease homes reach 20-year limit in 2030-31
Seoul’s long-term lease homes allow tenants to stay for up to 20 years, after which they are generally expected to leave and the homes are offered to new residents.
A total of 2,452 homes reach that limit in 2030, with most in Eunpyeong, Mapo and Jungnang districts.
In 2031, another 4,170 homes reach the limit, concentrated in Gangdong, Guro and Yangcheon.
Some large housing complexes will see hundreds of leases end in the same year.
Former tenants may struggle to afford nearby apartment rents and could move to smaller homes, villas or monthly rentals instead.
That could add pressure to local rental markets, where many households may be looking for homes at once.
A lawmaker has urged Seoul and the city housing agency to assess the effects in advance and consider how to reallocate homes and support tenants’ moves.
More than 6,600 Seoul long-term lease homes are due to reach their 20-year occupancy limit in 2030 and 2031.
In 2030, 2,452 homes are scheduled to reach the limit, with 2,212 in Eunpyeong, Mapo and Jungnang districts.
In 2031, 4,170 homes are due to reach the limit, including 2,923 in Gangdong, Guro and Yangcheon districts.
Residents who leave may struggle to afford nearby apartment leases and could move to villas, other non-apartment rentals or monthly rentals.
A lawmaker urged Seoul and the Seoul Housing and Communities Corporation to prepare measures for a smoother transition.
- Who
- Residents of Seoul long-term lease homes reaching the 20-year limit, and the Seoul housing authorities responsible for the homes.
- What
- More than 6,600 homes are due to reach the limit in 2030-31, requiring residents to leave under the program’s rules.
- When
- In 2030 and 2031.
- Where
- Seoul, South Korea, with large numbers in Eunpyeong, Mapo, Jungnang, Gangdong, Guro and Yangcheon districts.
- Why
- The program’s maximum occupancy period is 20 years, after which contracts end and homes are offered to new residents.
This story does not have two clearly opposing sides.
Since most moves involving jeonse are local, they inevitably affect demand in the area.
The basic principle of the long-term lease housing program’s virtuous cycle must be upheld, but the issue should not be approached simply as a matter of mass evictions when thousands of homes reach their term at once.
A total of 2,452 homes are due to reach the 20-year limit, including 1,086 in Eunpyeong, 648 in Mapo and 478 in Jungnang.
A total of 4,170 homes are due to reach the 20-year limit, including 1,170 in Gangdong, 909 in Guro and 844 in Yangcheon.
- Total due in 2030-31
- More than 6,600 homes
- Homes due in 2030
- 2,452
- Homes due in 2031
- 4,170
- Largest district total in 2030
- Eunpyeong: 1,086 homes
- Largest district total in 2031
- Gangdong: 1,170 homes
Sources
Related news
South Korea plans 3 trillion won fund for overseas construction
South Korea’s exports hit a record for Oct. 1–10, led by semiconductors
Lotte to present mobility businesses at Japan trade event
Gwangju semiconductor plan lifts shares in regional companies
HiteJinro begins making Kirin Ichiban beer in South Korea
Bank of Korea governor says early rate hikes helped steady markets
LH chief seeks major hiring and financial support to expand housing supply
Won reaches its lowest level against the dollar in about two years
South Korean Won Reaches Two-Year High as Oil Prices Fall
South Korea’s September bond trading rose as individuals bought and foreigners sold
KakaoBank launches mobile banking services for foreign residents in South Korea
