Housing market or house of cards? (Corner)

Despite repeated steps taken by the government to stabilize the housing market, there is growing concern in the rental sector. Listings for rental properties in Seoul fell 15.2 percent from the beginning of the year, from 44,424 to 37,689, according to data released yesterday by housing data analyst company Asil. with both
jeans, Due to the Korean rental system in which tenants deposit a large lump sum that is fully returned at the end of a minimum two-year lease, and declining monthly rents, fears of lease lapses are increasing during the peak spring growing season. Even as President Lee Jae-myung and People's Power Party floor leader Jang Dong-hyeok are squaring off over the issue of multiple homeowners, the market itself tells a stark story: The shortage of jeons and monthly rentals persists, rents are rising, and the pressure on ordinary families is deepening.

The immediate problem is simple: it is becoming harder to find month-to-month and month-to-month rents. Data released by the Korea Real Estate Board on Thursday showed that Seoul apartment prices rose for the 54th consecutive week from last week. The monthly rental price index for Seoul apartments compiled by KB Real Estate also reached a record high of 131.85. The tightening stems from the June 27 real estate measures, which sharply tightened financial rules, followed by the October 15 measures, which further tightened transaction and lending rules. By effectively banning so-called “gap investment” – in which buyers purchase homes using borrowed funds and tenants' deposits – the policies have reduced the supply of Zions housing. The shock has extended to monthly rents as well, freezing the entire leasing market. Neighborhood after neighborhood, the shortage is severe. In the Nowon district, which is home to the largest cluster of private academies in northern Seoul, the 1,800-unit Junghae Jugong Apartment Complex 2 had only five Jeonse listings and no monthly rent as of Feb. 19. At the 3,481-unit Jungye Green complex in Jungyedong, only 10 jeonse and seven were offered for monthly rental.

The reasons for the contraction are complex. Strict redevelopment and reconstruction regulations have reduced new housing supply. At the same time, pressure on many homeowners – a policy thrust that gathered force under Moon Jae-in's administration – has translated into lower rental inventories. Persistent demand-suppression policies, from loans to taxes, have squeezed the rental market, with new housing failing to come on line in sufficient numbers.

After President Lee hinted on social media that he would step up the pressure on many homeowners, listings began to hit the market as owners rushed to avoid the hit of an impending tax if they failed to dispose of properties by May 9. Yet even a wave of sales by some multi-home owners can't calm price fluctuations. What ultimately stabilizes the housing market is a reliable signal that new supply is on the way. A problem that takes years to solve cannot be solved merely through demand suppression or pressure campaigns. To stabilize housing, the government must accelerate realistic options – including bold approvals for reconstruction and redevelopment – ​​rather than relying solely on restrictions.

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This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.