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An officetel is a combination of a residence and an office, though it is actually used for a residence in most cases. Since the Korean financial crisis in 1997, the construction of officetels has been increased rapidly due to governmental deregulations and they are now taking a substantial portion of housing stock in the Seoul Metropolitan Area. However, there is little research on the officetel market.This paper analyzes the basic characteristics of both sales and rental markets using three dimensional framework of market analysis. The analytic framework utilizes three independent price indices including pure monthly rent, chonsei, and sales price. Also, it utilizes additionally four relational indices including chonsei-to-price ratio, chonsei-to-monthly-rent conversion rate, and monthly-rent-to-price ratio, average deposit-to-chonsei ratio.The results of this study show that the offcetel market is maintaining combined characteristics of both office and apartment based on the relational indices including chonsei-to-monthly-rent conversion rate and monthly-rent- to-price ratio.