Gap Widens in Seoul Villa and Studio Leases: Jeonse in Sinsa/Nonhyeon-dong at 280 Million Won, Jegi-dong at 150 Million Won [Real Estate AtoZ]

Analysis of Actual Lease Prices in Studio and Villa Concentration Areas
Jeonse Price Gap of 100 Million Won Between Sinsa/Nonhyeon-dong and Jegi-dong
Monthly Rent in Sinsa/Nonhyeon-dong at 1.05 Million Won, Jegi-dong at 720,000 Won

In Seoul, the areas with the highest actual transaction prices for monthly and jeonse (lump-sum deposit) leases of studio apartments and villas are found in Sinsa-dong and Nonhyeon-dong, Gangnam-gu. Compared to Jegi-dong in Dongdaemun-gu, the jeonse price gap is about 100 million won. The difference in monthly rent between the two areas is recorded at 320,000 won.

According to an analysis by the real estate transaction data platform Jippoom on December 20, which reviewed actual transaction prices for monthly and jeonse leases of studio apartments and villas sized around 20-30 square meters in major concentration areas over the past two to three years, Sinsa-dong and Nonhyeon-dong in Gangnam-gu had the highest recent jeonse prices, ranging from 270 million to 300 million won. The regions analyzed included Sinsa-dong and Nonhyeon-dong in Gangnam-gu, Yeonnam-dong in Mapo-gu, Seongsu-dong 2-ga in Seongdong-gu, Jegi-dong in Dongdaemun-gu, and Sillim-dong in Gwanak-gu.

On the 27th, villa prices in Seoul are rapidly rising as apartment prices have recently increased significantly. Housing prices, including apartments and villas in Seoul, are expected to continue rising for the time being due to optimistic expectations. The photo shows a villa neighborhood in downtown Seoul as seen from Namsan, Seoul. 2025.06.27 Photo by Yoon Dongju

Jeonse Prices for Studios and Villas Vary by Region in Seoul

In Yeonnam-dong, Mapo-gu, and Seongsu-dong 2-ga, Seongdong-gu, actual jeonse transaction prices are concentrated in the mid-200 million won range. In Yeonnam-dong, transactions for newly built or relatively new properties are mostly in the 250-280 million won range. In Seongsu-dong 2-ga, where single-family and multi-family homes are mixed, transactions range from the low to high 200 million won range, depending on floor level and proximity to subway stations.

In Sillim-dong, Gwanak-gu, jeonse transaction prices are formed in the high 100 million to mid-200 million won range. Recent transactions show that older, small villas are traded in the high 100 million won range, while newly built properties or those with elevators are traded in the mid-200 million won range, resulting in price differences even within the same area.

Jegi-dong in Dongdaemun-gu recorded the lowest jeonse transaction prices among the surveyed areas. Jeonse transaction prices for studios and villas in Jegi-dong are in the low to mid-100 million won range, which is lower than the Seoul average.

Average Monthly Rent in Sinsa-dong and Nonhyeon-dong is 1.05 Million Won; Jegi-dong at 720,000 Won

The average monthly rent in Sinsa-dong and Nonhyeon-dong, Gangnam-gu, was recorded at 1.05 million won. This is 116.7% of the overall average, making it the highest among the surveyed areas. Recent transactions show that many deals occurred at around 1 million won per month, regardless of the deposit amount.

Yeonnam-dong in Mapo-gu recorded an average monthly rent of 950,000 won, which is 105.6% of the overall average. Even relatively small studios in Yeonnam-dong saw monthly rents in the mid to high 900,000 won range, maintaining the second-highest rent level after Gangnam.

Seongsu-dong 2-ga in Seongdong-gu had an average monthly rent of 920,000 won, which is 102.2% of the overall average. Although there were variations depending on proximity to subway stations and whether the property was newly built, the overall price level was slightly above the Seoul average.

Sillim-dong in Gwanak-gu recorded an average monthly rent of 880,000 won, which is 97.8% of the overall average. Despite being close to university areas, recent monthly rent transactions were close to the average, with most deals in the mid to high 800,000 won range.

Jegi-dong in Dongdaemun-gu had an average monthly rent of 720,000 won, which is only 80.0% of the overall average. Jegi-dong had the lowest monthly rent among the surveyed areas, with most transactions clustered around 700,000 won, thus maintaining the lower end of the rent market.

Jeonse Transactions Decrease While Monthly and Mixed Leases Increase in All Five Areas

In all five areas of Seoul, the volume of jeonse transactions has decreased, while monthly and mixed lease (banjeonse) transactions have increased across the board. In particular, Sinsa-dong and Nonhyeon-dong in Gangnam-gu and Yeonnam-dong in Mapo-gu saw a decline in the proportion of pure jeonse transactions, with an increase in deals where part of the deposit was converted to monthly rent.

Based on price per square meter, areas with higher actual transaction prices for jeonse and monthly leases also had higher prices per square meter than the Seoul average. Sinsa-dong and Nonhyeon-dong in Gangnam-gu and Seongsu-dong 2-ga were above the Seoul average, while Jegi-dong and Sillim-dong remained below average in both price per square meter and actual transaction prices.

A representative from Jippoom explained, "The studio and villa lease market in Seoul is not so much in a price adjustment phase as it is in a stage where transaction methods are changing while actual transaction prices remain fixed by region. Even within the same area, differences in actual transaction prices are becoming more pronounced depending on whether the property is newly built, its proximity to subway stations, and the type of building."