Meaning of "Right of occupancy"
This is the right granted to members of a housing association in redevelopment or reconstruction projects to move into a new apartment.
"As jeonse prices rose in Seoul, the number of people buying reservation rights increased."
Related slang words
Pre-sale rightsThis refers to the right to move into an apartment after it is completed, following a successful application for the apartment.Actual transaction priceThis refers to the transaction prices reported to the Ministry of Land, Infrastructure and Transport after actual real estate sales have taken place, and is used as a benchmark for assessing market conditions and price trends.Day tradingThis is an investment strategy in which investors buy stocks, real estate, or other assets and immediately resell them to profit from short-term price fluctuations.SubcontractThis refers to illegal business practices in real estate transactions, such as inflating the contract price **above** the actual transaction price in order to secure more favorable loan limits or financing terms.Undervalued ContractIllegal practices involving the preparation or reporting of contracts at amounts lower than the actual transaction price in order to reduce taxes such as capital gains taxSold outThis means that all units (particularly apartments and pre-sale units) have been sold (contracted) within a short period of time and are now sold out.Ask priceThis refers to the price a buyer or seller offers in the market, which may differ from the actual transaction price.Regulated AreasThese are areas designated by the government for the implementation of real estate regulations—such as restrictions on loans and tax policies—based on the assessment that housing prices (or real estate prices) are rising rapidly.