Yongsan-gu Raises Free Real Estate Brokerage Threshold for Elderly Living Alone and Others

Free Brokerage Threshold for Jeonse and Wolse Raised from 100 Million to 150 Million Won... Good Landlord Campaign Concurrently... Positive Response in Itaewon Tourism Zone

[Asia Economy Reporter Park Jong-il] Yongsan-gu (Mayor Seong Jang-hyun) is expanding free real estate brokerage services for low-income groups in collaboration with the Yongsan-gu branch of the Korea Association of Realtors (President Seo Eun-sook).

This is to support low-income residents in the area who are struggling due to COVID-19.

Last month, the district office sent a consultation letter to the branch to raise the target amount for the free real estate brokerage service. After internal review, the branch decided to increase the amount by 50%, from the previous 100 million KRW for monthly rent deposits to 150 million KRW.

The support targets include seniors aged 65 or older living alone, recipients of the National Basic Livelihood Security, and child-headed households.

Residents who wish to receive support can visit participating service providers and sign real estate monthly rent contracts. Participating brokerage offices display a sticker labeled ‘Free Brokerage Service Participating Office for Low-Income Residents.’

As of March, there are 257 participating offices in Yongsan-gu, accounting for about 30% of the total 860 offices. The district plans to continue discussions with the branch to increase the number of participating service providers.

Last year, the free brokerage service handled 99 cases, amounting to 17.14 million KRW.

The district also supports the Good Landlord Movement to revitalize the local economy, which has been weakened by COVID-19.

Recently, the district sent official letters encouraging participation in the movement to the Chamber of Commerce, Building Owners Association, Itaewon Tourism Special Zone Association, and Electronics Market Association. Related posters will also be posted in multi-use facilities and traditional markets in the area.

The Itaewon Building Owners Association (President Lee Beom-woo), Itaewon 1-dong Residents’ Autonomous Committee (Chairman Maeng Ki-hoon), and Itaewon Tourism Special Zone Association (President Jo Min-sung) have reportedly jointly distributed notices to building owners in the Itaewon shopping district inviting them to participate in rent reductions.

Thirty building owners have expressed their willingness to participate.

Yongsan-gu Mayor Seong Jang-hyun said, “I am grateful to the branch for expanding the free brokerage service despite difficult circumstances,” and added, “I hope more people will join the Good Landlord Movement.”

Besides the rent reduction campaign, the district plans to use all possible measures to prevent local economic downturn, including ▲ operating a bidding information system ▲ improving private contract methods ▲ prioritizing purchases of small and medium enterprise products ▲ providing loans to SMEs, small business owners, and youth enterprises ▲ and expanding public work projects.

This content was produced with the assistance of AI translation services.