JEJU WEEKLY

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LifestyleGuide for Expats
Glossary of useful house-hunting terms
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승인 2013.01.22  17:06:06
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Key money leasing (“jeonse”)
This is a procedure unique to Korea where, instead of paying monthly rent, a lump-sum deposit, known as key money, is paid to the owner. At the end of the contract this sum is returned to the renter. This is more common during times of high interest rates.

Yearly rent (“yeonse”)
Found only in Jeju, for yeonse a deposit is paid in addition to a yearly fee. As the deposit increases, the yearly fee may accordingly decrease, and vice versa.

Monthly rent (“weolse”)
A deposit is paid in addition to a monthly fee. As the deposit increases, the monthly fee may accordingly decrease, and vice versa. This becomes more common during times of low interest rates.

Pyeong
Pyeong is a traditional East Asian unit of measurement and although the Korean government has sought to legislate against its use since 2007, it is still commonly used by real estate agencies and in classified listings. One pyeong is 3.3058 square meters.

One-room and two-room apartments
One-room - equivalent to studio apartments - typically consist of one large room which serves as the living room, bedroom, and kitchen. The shower/utilities room is usually in an additional room. Two-room will have a large room for the living room and kitchen, with another smaller bedroom, plus a shower/utilities room. One-room are typically 7-15 pyeong, while two-room are 10-18 pyeong.


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