Seoul’s average officetel jeonse deposit reached a record 237.37 million won ($172,000) in August, according to KB Real Estate, rising 1.09 million won, or 0.46%, from the previous month. Jeonse is a Korean rental system based on a large refundable deposit rather than monthly payments. Demand is strongest for mid- to large-sized residential officetels that resemble apartments, as Seoul apartment jeonse listings fell 12.3% to 20,402 by the 23rd of this month from 23,263 at the end of last year. The average deposit for units larger than 60 square meters and up to 85 square meters rose 2.01% to 472.36 million won, while units exceeding 85 square meters gained 0.53% to 816.89 million won. Deposits for units of 30 square meters or less slipped 0.08% to 166.34 million won. Seoul’s officetel supply is projected to fall to 1,700 new units this year from 21,128 in 2021, while the average jeonse-to-sale-price ratio reached a record 84.2%. Experts expect prices to remain strong, citing limited supply, apartment affordability pressures, the shift toward monthly rent and demand for properties near subway stations with strong community facilities.