Abstract

In order to overcome the inherent limits of capital accumulation, as evidenced by the 1998 Asian financial crisis and the 2008 global financial crisis, it is necessary to continuously invent new modes of capital accumulation. One such mode is the property circuit of capital, which is realized through the financialisation of the housing market. This paper examines the transformation of capital accumulation configurations to housing lease finance as a response to the contradictions of capital accumulation after the 2008 financial crisis and explores its implications. Firstly, it strengthened the landowner's monopoly on rental types such as cheonse and monthly rent, enabling them to maximize profits. Secondly, the financialisation of the housing market, which now included housing lease finance in addition to mortgage loans, resulted in the generation of monopoly rent. Thirdly, there was a disparity in rent across different housing sub-markets and social classes. In particular, those belonging to the low-income class living in fringe areas around the 1st new-town paid relatively higher rent, as the ratio of cheonse to sale price was highest in these areas and the monthly rent conversion from cheonse was most significant for smaller-sized houses. These findings suggest that the second round of financialisation, involving mortgage loan and lease finance, led to the economic segmentation of urban spaces and deepened the gap in capital accumulation between different social classes.