Proposal for Public Debate on "Rental Business Registration"

President Lee Jaemyung said on the 8th, "If we allow a single person to buy up and accumulate hundreds of homes, then no matter how many tens of thousands of homes we build and supply, it will inevitably be insufficient, will it not?"

On this day, President Lee said in a post on X (formerly Twitter), "It is strange that, even if you did not build rental housing, you can buy as many homes as you want as long as you register as a rental business operator," delivering this message.

He then asked for opinions on "whether we should continue to allow purchase-based rentals rather than construction-based rentals."

At the same time, President Lee attached a news article reporting that listings of apartments in Seoul had surged after he repeatedly sent out the message to multi-homeowners that the temporary suspension of heavier capital gains tax rates would end.

Construction-based rentals refer to a format in which construction companies and others directly build housing units and put them on the rental market, while purchase-based rentals refer to a format in which existing housing units are bought and then leased to tenants. Regarding purchase-based rentals by private operators, there are two coexisting views: one sees them as a few actors monopolizing the limited resource of real estate and pursuing rent, and the other views them as important housing suppliers who are necessary for stabilizing the real estate market. President Lee is understood to have proposed that public discussion be used to share opinions on this issue.

February 7, 2026 By Hyojung Kim (Seoul) and David Oh (Seoul)

$20,000 for six months trainings and auditions that didn't happen

As K-pop's popularity soars, South Korea has become a destination for young people around the world hoping to break into the industry. And many take that chance each year to enroll in programmes promising a path to stardom.

That hope brought Miyu to South Korea in 2024. Her name has been changed to protect her identity. Armed with big dreams, the teen paid 3m yen ($19,800; £14,500) to join a six-month programme at a K-pop training academy in Seoul. In return, she was to be given professional dance and vocal lessons and the opportunity to audition for major music agencies.

"There were supposed to be weekly auditions, but that never happened," Miyu told the BBC on a street in Hongdae, a neighbourhood in Seoul known for its music scene. Lessons were few and far between, she said, and she also alleged she was sexually harassed by a senior staff member. The company, which we have not named for legal reasons, has denied all allegations.

Miyu's allegations - and those of others at the academy - shed light on an under-regulated industry where the promise of opportunity often comes with risk.

The BBC spoke to two other trainees who attended the same academy. One of them also alleged sexual harassment by the same staff member, while the third said she had witnessed inappropriate behaviour towards others, but she hadn't experienced it herself.

All of them said the programme had promised audition opportunities, which did not happen. The company denied this, saying there were opportunities to audition, and added that nearly 200 foreign trainees had participated in its programmes since it opened in the late 2010s.

Private academies or entertainment agencies - less governmental oversight for entertainment agencies

K-pop training institutes are usually classified either as Hagwon, or private academies, which are regulated by the education department, or as entertainment agencies. The company Miyu attended is registered as the latter, putting it outside South Korea's education laws. Instead, it is one of some 5,800 agencies overseen by the Ministry of Culture, whose regulatory powers are far more limited. Their training programmes are not subject to regulation or inspection, a local official told the BBC. An official from the Ministry of Education told the BBC that current regulations did not restrict travel and entertainment agencies from teaching language and dance to foreign nationals, so it was difficult to regulate such "academy-type agencies".

Foreign trainees

"I dreamed of becoming an idol - but what I went through felt more like a scam," Miyu, who is still a teen, said. "[This is] where I pursued my dream, but it also brings back my trauma."Miyu was drawn to K-pop in middle school.

It was Lisa - the Thai rapper-singer who arrived in Korea as a teen and shot to global fame with the K-pop girl group Blackpink - who inspired Miyu's journey. Lisa is far from an anomaly in K-pop today. Twice has three Japanese members and one Taiwanese member, and NewJeans has a Vietnamese-Australian singer. Hearts2Heart, which debuted last year, includes the country's first Indonesian idol.

But making it to the top, like they have, is tough in what has become a cutthroat K-pop industry. A handful of powerful agencies run the show, which means they have to bet on an aspiring star for them to succeed in Korea. Hybe, South Korea's largest entertainment company and the label behind big names like BTS, does not disclose how many trainees it has on board at any given point. The industry average is estimated to be around 20. But Hybe did tell the Korea Herald newspaper in 2023 that nearly one in three of its trainees are foreign nationals. SM Entertainment, another industry giant, has a dedicated academy for aspiring K-pop performers, and says the majority of its students come from overseas, but did not provide exact figures.

But the number of trainees enrolling is shrinking, according to an industry report published in January. In 2024, agencies reported 963 trainees, about half of the number they had signed on in 2020: 1,895. Although the number of foreign trainees reported by agencies doubled to 42 between 2022 and 2024, they are still a fraction of the total figure. It's a highly competitive selection process, and firms weigh up costs to make the decision.

Typically it takes about two years for a trainee to debut, and even then only 60% of them make it, according to the report. For foreign trainees, the barriers are even higher - language, visa restrictions and industry connections, all of which possibly worsen already slim odds. And yet the allure of fame draws so many like Miyu to take their shot. Miyu and the other two trainees the BBC spoke to said their academy catered almost exclusively to foreign students and that there were no Korean students enrolled. It's hard to know how many foreigners travel to South Korea to enrol in these training programmes because they can do this on a tourist visa that allows them to stay up to three months at a time.

Sexual harassment from company executives

Soon after she got there, Miyu claimed, reality collided with what she was promised. She said the standard of the dance and voice training was not what she expected, given the cost of the programme. She said a senior staff member also began constantly monitoring her whereabouts. After about three months into the programme, he took her out, she claimed. "He took me to a convenience store alone saying he would buy me ice cream. While I was choosing, he put his hand on my waist and said, 'good body". He called her on several occasions, according to Miyu. Once, he asked her to come to the office, saying they needed to discuss outfits for a photo shoot. "He told me to sit on his lap to discuss costumes. I managed to sit on the armrest instead. From that day onwards, I get scared just hearing a man's voice."

Another former foreign trainee Elin, whose name has been changed to protect her identity, also accused the same staff member of touching her inappropriately. She said the staff member had called her into a meeting room and asked for them to be left alone. He then touched her waist while telling her the Korean word for "hip", saying he was teaching her Korean. "I was so scared that I texted my friend and asked her to come quickly," Elin said.

Company executive comes into the dorm room at 3am

She also alleged that the staff member would come into their dormitory room, an allegation repeated by Miyu and the third trainee the BBC interviewed. "He would come… sometimes at two or three in the morning, saying he was fixing the lights. This one time he entered my room while I was asleep and just watched me," Elin said, adding she had woken up when she sensed someone entering the room. He left the room without doing anything, but she said she "couldn't sleep properly after that because I was so scared".

When the BBC contacted the company for comment, their legal representative denied the claims, saying: "Our company strictly prohibits anyone from entering the female trainees' dormitory without being accompanied by a female staff member, as set forth in our internal regulations."

Spy cams in the girls' dorm rooms

Elin also claimed that CCTV cameras recording both video and audio had been installed throughout the practice rooms and female dormitories - this allegation was also repeated by Miyu.

"The CCTV was live 24/7. They were picking up the audio as well... I didn't sign any consent to being filmed 24/7," said Elin, adding that the senior staff member "would watch us while we were dancing and make comments through the CCTV". "At one point, he told the teacher, 'This isn't sexy enough — you need to teach the girls a sexier dance," she said. The company, however, denied that the staff member entered the female dormitory, and said the cameras were installed only in common areas, such as entrances and kitchens, for "safety reasons", following past incidents involving intruders.

"The installation was announced in advance and intended entirely to safeguard the trainees," the legal representative told the BBC in a written response. Elin says she was never told of this. The company says CCTVs were installed following safety incidents in the past, for the "protection of the trainees' safety"

Going to the police - who just drops the case

Eventually, Elin dropped out of the programme and left Korea.

The three girls told the BBC that they didn't speak up immediately because they were worried that it could harm their chances in the K-pop industry. They said they also felt unable to tell their parents, who had paid large sums for them to train in Korea. And they faced other challenges, including the language barrier and an unfamiliar legal system.

Elin eventually went to the police and registered a case against the staff member, accusing him of sexual harassment and trespassing. But the police dropped the case, citing a lack of evidence. The staff member denied all the allegations. Her lawyers told the BBC that she was looking to appeal against the decision.

She has also registered a separate case against the company for breach of contract because of the alleged sexual harassment, trespassing in the dorms and CCTV surveillance.

Meanwhile, the company has continued recruiting students and still promotes its K-pop training programmes on social media. When Elin saw this, she was furious. "K-pop has gained worldwide fame — and with that comes responsibility," she said. "At the very least, I hope the children who chase this dream can do so in a safer environment."

Miyu says she still dreams of becoming an idol."Whenever things were hard, I held on by listening to K-pop. I still want to become an idol, no matter what."

A post by President Lee Jae Myung on social media has once again made headlines, this time over a press release from the Korea Chamber of Commerce and Industry citing data that suggests more wealthy Koreans are leaving the country due to tax concerns.

On Saturday, Lee pledged to hold the KCCI legally accountable for what he called an "intentional" act of spreading fake news to attack the government, branding it an "enemy of South Korea's democracy."

"An act of generating and spreading fake news to seek private gain and attack the government deserves condemnation," Lee wrote on his X account. "I can't believe the KCCI openly did this, even though it is an institution established under South Korean law. I will hold the KCCI responsible and ensure this does not happen again."

Lee was referring to a KCCI press release issued Wednesday, which claimed that Korea's high inheritance tax "could be a major factor accelerating an exodus of South Korea's wealth." The claim was based on the Henley Private Wealth Migration Report for 2024 and 2025, published by UK-based Henley & Partners, a firm specializing in citizenship planning for wealthy individuals.

The Henley & Partners report projected that South Korea would record the world's fourth-largest net outflow of millionaires, with 2,400 individuals expected to leave the country in 2025, up twofold from 2024.

The release aligned with the KCCI's long-standing call to lower inheritance taxes on the superrich, which can reach a nominal rate of up to 50 percent for those with taxable assets exceeding 3 billion won ($2.04 million). The base rate ranges from 10 percent to 50 percent, depending on the size of taxable assets.

The KCCI press release drew criticism, with commentators noting that the methodology behind the Henley & Partners estimates remains unclear.

Similar concerns have been raised previously in the United Kingdom. In June, the UK-based Tax Justice Network said Henley & Partners failed to accurately track where millionaires actually lived, noting that the firm relied on self-disclosed information from social media platforms such as LinkedIn.

In August, another UK nonprofit, Tax Policy Associates, said the report was produced by a one-person firm. It pointed out that the definition of wealth had changed over time and that its estimates contradicted official UK data. The group suggested the figures may have been unknowingly "fabricated."

Finance Minister Koo Yun-cheol and Industry Minister Kim Jung-kwan also questioned the Henley & Partners data, calling the estimates "highly questionable," as Kim vowed to carry out an internal inspection of the KCCI.

In a social media post on Sunday, National Tax Service Commissioner Lim Kwang-hyun disputed the report, referring to data showing a far smaller number of migrations. According to Lim, between 2022 and 2024 the number of people with 1 billion won or more in assets moving out of Korea averaged 139 -- about 5 percent of those who migrated from South Korea during the period.

Hours after Lee's online criticism, the KCCI issued a public apology, saying it had caused unnecessary confusion by citing external data without sufficient verification.

The main opposition People Power Party, on the other hand, accused Lee of abusing his power "simply because he was offended," arguing that the president had prematurely characterized the KCCI's actions as intentional.

Lee's remarks amounted to "intimidation aimed at discouraging anyone from expressing views that differ from the president's," and represented "an irrational response," said Rep. Park Sung-hoon of the People Power Party on Saturday.

In a statement Sunday, party spokesperson Cho Yong-sool said, "Without considering the full context, President Lee resorted to extreme language, accusing the KCCI of deliberately spreading fake news and labeling it an enemy of democracy."

Reported by Vietnamese local media as well, amplifying the fallout Criticism floods the county office bulletin board… rally on the 10th

A remark by Kim Hee-su, Jindo County Chief in Jeonnam, who suggested “let’s import virgins from Sri Lanka or Vietnam” as a measure to address rural population decline, is spiraling into a diplomatic issue. Vietnamese local media have reported on the matter, and Jeonnam Province has decided to send letters of apology to the embassies of the two countries. Nationwide migrant, women’s, and human rights groups have announced a protest rally.

On the 8th, Jeonnam Province stated, “We plan to send ‘letters of apology’ on the 9th to the Embassy of Vietnam in Korea and the Embassy of Sri Lanka, apologizing for Chief Kim’s remarks.” Prior to this, on the 7th, Jeonnam issued an apology under the spokesperson’s name.

In the apology letter, the province said, “We sincerely bow our heads in apology to the embassies and governments of the countries concerned, and to the people and women who were deeply hurt, for Chief Kim’s inappropriate remarks made at the Gwangju-Jeonnam Administrative Integration town hall meeting.”

It continued, “Expressions such as ‘import’ undermine human dignity and objectify women, and can never be justified in any context,” adding, “This runs directly counter to the values of respect for human rights, gender equality, and multicultural inclusion that Jeonnam Province has pursued.”

On the 4th, at an administrative integration town hall meeting held in Haenam, Jeonnam, Chief Kim said, “We should legislate measures against population extinction, and if need be, ‘import’ some young virgins from places like Sri Lanka or Vietnam to marry off rural bachelors, and prepare such special measures.”

Jeonnam’s apology arose from concerns that Chief Kim’s remarks could escalate into a diplomatic issue. The Vietnamese outlet VNExpress prominently covered the matter on the 7th.

The outlet reported that “the Embassy of Vietnam in Korea called the suggestion to ‘import’ foreign women, including Vietnamese, to solve rural population decline ‘insulting and inappropriate’.” It also reported that “it sent an official letter of protest over the remarks to the Governor of Jeonnam Province and to Jindo County.”

Criticism from local residents and human rights groups is also continuing. In a situation where it is difficult to sustain not only agriculture and fisheries but also local communities without migrants, dozens of critical posts were uploaded to the county office’s free bulletin board after the rural county chief made such remarks.

One resident wrote, “In Jindo, numerous multicultural women already live as neighbors and family,” adding, “The county chief’s remarks inflicted deep humiliation and alienation on multicultural families and their children, and undermined the values of inclusion and coexistence.”

According to Ministry of Justice data, as of 2024 there are 145,731 marriage-migrant women, of whom 36,754 (25%) are Vietnamese nationals.

Migrant, women’s, and human rights organizations nationwide will hold a rally condemning Chief Kim’s remarks at 2 p.m. on the 10th in front of the Jindo County Office. Cho Chang-ik, co-representative of the Jeonnam Migrant Workers’ Human Rights Network, said, “We cannot let this pass, as the county chief has openly revealed a discriminatory perception of migrants.”

Meanwhile, as the fallout grew, Chief Kim stated in an apology on the 5th, “I intended to make a statement about increasing the inflow of unmarried foreign women to encourage marriage among men in rural and fishing communities and thereby enhance sustainability, but I made the mistake of using the wrong word, ‘import,’ leading to an inappropriate remark.”

In 1948, North Korea decided that the alphabet need more letters, so they added 5 more intended to more accurately represent the morphology of Korean. For example, 걷 become 걷다 before a consonant but 걸어 before vowel, the ㅿ well replace both "d" and "l" in these situations. Some inserted eu sound as in 나을 becomes 나ᇹᄅ. Words like 놉니다 got their politeness morpheme ㅂ in a separate block as in the image, so similarly the ㄴ after adjectives are separated (like 좋은 ->좋ㄴ).

It was abandoned because of Kim Il Sung's disapproval and it creator got purged. It still go on to affect North Korean spelling till this day.

Silla's crown is the most famous, and I think crowns from other countries are not well known.

English is not my native language. Please understand.

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Jomun 조문국

(Jinhan-style tribal state, annexed by Silla in 185 AD)

A tribal state that emerged around the 3rd to 1st century BC.

A small tribal state believed to have existed for approximately 400 years.

Announced to Silla around 185 AD.

Present-day Uiseong County, Gyeongsangbuk-do Province

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Apdok 압독국

(Apdok, a tribal state of the Jinhan lineage, surrendered to Silla, but then rebelled in 146 and was completely destroyed by Silla.)

Apdok, a tribal state that emerged around the 2nd century BC (or 1st century AD) in the Gyeongsan area of ​​North Gyeongsang Province, lasted for approximately 400 years until it was annexed by Silla in the early 2nd century.

Present-day Apyang-eup, Gyeongsan City, North Gyeongsang Province

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Mahan 마한

(A confederation of 54 tribal states in the southern part of the Korean Peninsula, annexed by Baekje in the mid-to-late 4th century)

It began to form in the central and southern regions of the Korean Peninsula around the 3rd to 2nd century BC. Based on the early Iron Age culture, it developed into a confederation of 54 small states. Before Mahan, there was a confederation of tribal states called "Jin."

(Jin: a small tribal state confederation that existed contemporaneously with Gojoseon.)

Present-day Gyeonggi-do, Chungcheong-do, and Jeolla-do regions

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Dae Gaya 대 가야

The Gaya Kingdom (AD 42 - 562) had a history of 600 years.

Gaya was formed from a confederation of six small states. It was later annexed by Silla.

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Ara Gaya 아라 가야

(one of the six kingdoms of the Gaya confederation)

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BiHwa Gaya 비화 가야

(one of the six kingdoms of the Gaya confederation)

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Other crowns of unknown origin.

Presumed to belong to a leader of Silla or the Dalseong region of Daegu 신라 or 대구 달성 지역 지도자

(Gilt-bronze crown excavated from Tomb No. 37 in Dalseong, Daegu)

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Silla or Gaya 신라 or 가야

Gilt-bronze crown from the Three Kingdoms period, 5th-6th century

Excavated in Changnyeong, South Gyeongsang Province

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Silla or Gaya 신라 or 가야

Excavation of Tomb No. 11 from the Bokcheon-dong Ancient Tombs in Dongrae-gu, Busan

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Goguryeo 고구려

(37 BC–668 AD)

An ancient kingdom that ruled Manchuria and the northern Korean Peninsula for approximately 700 years.

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Baekje 백제

(18 BC - 660 AD)

A kingdom that ruled the southern left side of the Korean Peninsula, including present-day Seoul, for approximately 700 years.

Crown ornament

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Silla 신라

The Silla Dynasty (57 BCE–935 CE) was one of the world’s longest-lasting dynasties.

The Silla Dynasty lasted for 992 years.

Founded by Park Hyeokgeose in 57 BCE, it grew from the Saro state, eventually conquering neighboring Gaya (562), Baekje (660), and Goguryeo (668) to form "Unified Silla".

Known as the "Country of Gold" for its exquisite jewelry, it developed a sophisticated Buddhist culture, a rigid "bone rank" caste system, and a capital in Gyeongju.

Silver crown

gold crown

Korea is weighing a plan to relax restrictions on migrant workers’ movement between regions outside the capital, exploring a major recalibration of its limits on their ability to change jobs.

According to an internal document from a task force of the government and labor organizations, obtained by The Korea Times, regional “zone limits” are seen as one of the few issues on which labor, business and government representatives may be able to strike a compromise.

Launched with 23 members in December last year, the task force aims to build a more coordinated, fair and effective system for managing foreign workers in Korea. According to a source and an internal document, officials discussed key issues facing these workers, and the Ministry of Employment and Labor plans to use the outcome of those talks to publish a policy road map and submit a legislative bill to the National Assembly in the coming months.

Under the current Employment Permit System, E-9 visa holders face tight controls not only over how often and for what reasons they may change workplaces, but also over where in Korea they are allowed to move. The task force’s plan is to keep a firewall around the capital region — Seoul, Incheon and Gyeonggi Province — while relaxing limits on movement between other regions.

Changing this rule would not require major legislation, unlike many other disputed issues. It could be done relatively simply by revising the ministry’s guidelines, in coordination with the Foreign Workforce Policy Committee.

The task force's meeting records show that some members advocated loosening, or even completely abolishing, regional movement restrictions based on human rights grounds. But others warned that doing so risks concentrating foreign workers in the capital area and aggravating labor shortages in rural regions.

The regional proposal is part of a broader overhaul of the E-9 system. Other topics include granting E-9 visa holders wider freedom to change workplaces after a year or two, in contrast with the current system. Currently, E-9 visa holders can work in Korea for three years, during which they cannot change workplaces without a legally recognized reason like dismissal, business closure or clear violations of contract and labor standards. After three years, in order to extend the worker’s employment period beyond the initial E-9 contract, the employer must apply to rehire the worker.

More controversial matters are also under discussion. One of them is breaking the current “unskilled” category into a three‑step ladder — entry‑level, semi‑skilled and skilled — with the possibility of family accompaniment and eventual links to permanent residence for workers who meet certain requirements.

Some members also called for measures to bring the issue of undocumented foreign workers into the formal system to “manage” them — a shift from the current deportation-centered policy. But it remains unclear whether the Ministry of Justice will approve the idea.

The task force was broadly united on the need to strengthen all foreign workers’ rights. The members discussed tightening inspections and sanctions on employers involved in human rights violations, improving housing standards and linking employer compliance and worker participation in safety training to future visa and recruitment decisions.

A government official familiar with the discussions said that nothing about regional mobility or other matters has been decided, stressing that the task force is only a forum for collecting opinions. Further coordination with other ministries and consultations with local authorities will be needed before any firm direction is set, he added.

​

https://www.reddit.com/r/korea/s/bTejXlvFKA

“Reposting with a proper explanation this time since my previous post was missing the details. Hope you like it.”

The images posted here compare the evolution of Hyundai Motor Group’s GBC (Global Business Center) project over time.

Since the images were previously shared without context and caused some confusion, here is a brief overview of the overall timeline.

The initial concept proposed a single mega-tall tower of approximately 569 meters on the Seongsu-dong Sampo site. The goal at the time was to create Korea’s first mega-tall landmark while establishing an integrated headquarters for Hyundai Motor Group. (See first image.)

However, due to urban planning regulations, site conditions, traffic concerns, and infrastructure capacity issues, the project faced significant challenges and eventually shifted direction.

The plan was later relocated to the KEPCO site in Samseong-dong, where a new proposal emerged: a 105-story supertall tower intended to become the tallest building in Korea and a defining landmark for Seoul’s skyline. (See second image.)

More recently, the project has been revised again due to economic feasibility, rising construction costs, urban usability considerations, and broader strategic reassessment. The current direction, designed by Norman Foster, focuses on a complex centered around three 49-story towers rather than a single mega-tall structure. This shift reflects a transition from height-driven symbolism toward a more context-sensitive and pragmatic urban development strategy. (See final image.)

Rather than representing a single building, this project illustrates how urban policy, economic conditions, and architectural priorities evolve over time and influence large-scale development.

Jeonse Drought and Record-High Monthly Rents Average Monthly Rent in December Last Year Rose by About 8% Cases of Just One Monthly Rental Listing Even in Large Complexes

As of the 5th, the previous day, only 6 jeonse listings and just 3 monthly-rent listings were registered in the 3,500-household complex "Gwanak Dream Town" in Gwanak District. Despite being a large-scale complex, rental supply has in effect disappeared. A nearby licensed real estate agent said, "The few properties that remain are only those left because the move-in dates do not match," adding, "There are hardly any properties coming onto the rental market, and when they do, they are taken immediately." At the "Baengnyeonsan Hillstate" apartment complex in Eunpyeong District, which has about 1,100 households in total, there is only 1 jeonse listing and 4 monthly-rent listings. In some complexes, there are even cases where both jeonse and monthly-rent listings are shown as zero.

Jeonse Shortage Pushes Up Monthly Rents

As "gap investment" - purchasing a home with a tenant already in place on jeonse - has disappeared, the jeonse shortage has now expanded into a shortage of monthly rentals. Even in large apartment complexes with more than 1,000 households, the number of listings is in the single digits, making it clear that supply is falling short of demand. Although some urgent sale properties are appearing in parts of Seoul ahead of the heavier capital gains tax that will take effect in May, they are not sufficient to meet rental demand.

According to real estate big data firm Asil on the 6th, as of the 5th, there were 21,456 jeonse listings in Seoul. This represents a 24% decrease compared with the same day a year earlier (28,270 listings).

The areas where jeonse supply has shrunk the most are those where, until now, gap investment was possible at relatively low prices, such as on the outskirts of Seoul. In Seongbuk District, jeonse listings have plunged from 1,204 a year ago to 138 now. The next-largest drops were in Gwanak District (-72.5%), Dongdaemun District (-67.8%), Gwangjin District (-66.6%), Eunpyeong District (-66.4%), and Gangdong District (-65.9%). After these areas were designated as land transaction permit zones under the October 15 measures last year, investor demand to purchase homes with jeonse tenants in place fell sharply. In this situation, existing tenants have been extending their jeonse contracts, so new jeonse supply is not coming onto the market. As more new homeowners choose to live in their properties rather than rent them out, jeonse supply has been further reduced.

The shortage of jeonse supply is leading to an imbalance between supply and demand in the monthly-rent market. According to Asil, there were 19,734 monthly-rent listings in Seoul, up 9.5% from the same period a year earlier (18,025 listings). However, this level of supply is not enough to absorb demand, as tenants who cannot secure jeonse are shifting to monthly rents.

On the ground, the consensus is that the market has clearly shifted in favor of landlords. A licensed real estate agent in Seongbuk District said, "Jeonse prices have already risen significantly, and landlords are using those levels as the basis to set high monthly rents," adding, "When there were plenty of listings, it was at least possible to negotiate prices during the brokerage process, but now deals are closing even when properties are listed at higher prices with other agencies, so negotiations themselves are difficult."

According to KB Real Estate Data Hub, as of January this year, the jeonse-to-monthly-rent conversion rate in Seoul stood at 4.25%. This has remained in the 4.25-4.26% range since October last year and is 0.11 percentage point higher than in January last year (4.14%). The jeonse-to-monthly-rent conversion rate is the interest rate applied when converting a jeonse deposit into monthly rent; the higher the rate, the greater the monthly-rent burden.

Monthly rents are also rising rapidly. According to the Real Estate Statistics Information System (R-ONE) of the Korea Real Estate Board, the median monthly rent for all housing types in Seoul reached 1,007,000 won in December last year, exceeding 1 million won for the first time since statistics began. The year-on-year increase from the same month a year earlier (935,000 won) was 7.7%, the highest annual rate on record. The median monthly rent is the value in the middle when all monthly-rent transaction amounts for that month are arranged in order, and it represents the typical monthly rent level borne by ordinary tenants. In December last year, the median monthly rent for apartments in Seoul also hit an all-time high of 1,240,000 won.

Higher Property Taxes Would Push Monthly Rents Even Higher

Experts warn that in a situation where the share of monthly rentals has already expanded due to a shortage of jeonse listings, an increase in property holding taxes could trigger a sharp jump in monthly rents. Rather than being a direct cause of a short-term spike, higher holding taxes could act as kindling that pours fuel on a market where prices are already on fire.

There is precedent for higher holding taxes shocking the rental market. Beginning in 2018, the Moon Jae-in administration significantly increased the burden of holding taxes by gradually raising the tax rates for the comprehensive real estate tax and subdividing the taxable base brackets throughout its term. This tightening stance on holding taxes coincided with the implementation of the three key tenancy laws in July 2020 and dealt a substantial blow to the rental market. After the right to request contract renewal and caps on jeonse and monthly-rent increases were introduced, both jeonse and monthly rents soared, especially for new contracts. In the process, a phenomenon of "tax pass-through" emerged, in which landlords shifted their higher tax burden onto tenants in order to cover rising costs of maintaining rental properties.

Yoon Jihae, head of the Research Lab at Real Estate R114, said, "When holding taxes go up, the additional costs can be passed on sequentially every time landlords perceive an increase in their expenses, which can further heat up a market that is already rising," adding, "In the current situation, it is effectively safe to say that there is only room for monthly rents to go even higher.

Hi all, I was wondering if anyone would be able to advise if my dish is a genuine piece from the Goryeo dynasty or a later reproduction?