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Broadcaster Noh Hong-chul shocked by Seoul's high rental prices: '18-pyeong apartment deposit is 600 million won'
🇰🇷 South Korea /Economy & Trade

Broadcaster Noh Hong-chul shocked by Seoul's high rental prices: '18-pyeong apartment deposit is 600 million won'

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • South Korean broadcaster Noh Hong-chul expressed surprise at Seoul's high housing rental prices.
  • He visited a friend's apartment where the husband, a licensed real estate agent, said they secured a 430 million won ($320,000) deposit for an 18-pyeong (approx. 600 sq ft) apartment.
  • The husband noted that similar apartments now rent for over 600 million won ($445,000) and that apartments are scarce, with most rentals being monthly.

Broadcaster Noh Hong-chul, known for his real estate investments, recently expressed shock at the current rental market in Seoul. While visiting a friend's new apartment, Noh was taken aback by the high cost of securing a rental.

This is a 430 million won deposit.

— Husband of PDWhen asked about the rental price of his apartment.

The friend, who holds a real estate license, revealed they secured a deposit of 430 million won (approximately $320,000) for an 18-pyeong (about 600 square feet) apartment. He proudly stated this was nearly 100 million won less than the market rate. However, he quickly added that the current market value for such a rental now exceeds 600 million won ($445,000).

It's about 100 million won cheaper than the market price.

— Husband of PDWhen asked about the rental price of his apartment.

Noh, who recently purchased a building in Seoul for approximately 15.2 billion won ($11.3 million), was visibly stunned by the figures. The friend further explained the dire rental situation, noting that apartments are virtually non-existent on the rental market, with most properties now only available on a monthly basis.

It now exceeds 600 million won.

— Husband of PDWhen asked about the current rental price of his apartment.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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