South Korea’s housing market stands apart for its jeonse system—a vast lump-sum lease that turns tenants into lenders and landlords into informal bankers—and for an extreme concentration of demand in Seoul. Decades of policy swings, from curbing speculation to pushing new supply, have done little to ease the capital’s severe unaffordability. Even as national prices cool, jeonse is weakening under regulatory shifts and fraud scandals, prompting a slow pivot toward monthly rent

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