Seoul Rents Jump Most in 12 Years, Gangnam Prices Hit Yearly High Amid Policy Concerns

Seoul's rental market is experiencing a dramatic surge, with apartment rental prices recording their most significant jump in over 12 years. The latest data indicates a sharp increase in weekly rental prices for apartments across the South Korean capital, signaling a growing strain on housing affordability.

Adding to the pressure, apartment sales prices in the affluent Gangnam district of Seoul have also climbed to their highest point this year. This dual rise in both rental and sales prices suggests a broader trend of increasing housing costs in the city, impacting both renters and prospective buyers.

The article points to the real estate policies implemented by President Lee Jae-myung's administration during its first year. The surge in prices appears to contradict the intended effects of these measures, leading to concerns within the Blue House. The situation raises questions about the effectiveness of the government's approach to stabilizing the real estate market and whether a policy shift may be forthcoming.