Controversial 'Real Estate Brokerage Fees' to Change...? Kim Hyun-mi Says "I Will Consider It"

Minister of Land, Infrastructure and Transport Kim Hyun-mi (Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] Kim Hyun-mi, Minister of Land, Infrastructure and Transport, expressed her intention to "consider improvement measures" in response to criticisms that the current real estate brokerage commission rates are inappropriate. Attention is focused on whether the brokerage commission system, which has long been criticized, can be improved.

On the 25th, at the National Assembly Land, Infrastructure and Transport Committee plenary session, when Song Eon-seok, a member of the Future United Party, pointed out that the current real estate brokerage commission rates in Seoul are problematic, Kim partially agreed and said, "I hope the National Assembly will support us a lot when improving the system."

Rep. Song pointed out, "In the case of lease contract commissions, if a 500 million won house lease is brokered, the limit is 2 million won, but if a 600 million won house is leased, the limit rises to 4.8 million won," and questioned, "Is this standard really suitable for the everyday lives of ordinary people?"

According to the current Seoul real estate brokerage commission rate table, for leases, if the transaction amount is between 300 million won and less than 600 million won, the maximum rate is 0.4%, but if the transaction amount is 600 million won or more, it doubles to 0.8%.

Rep. Song emphasized, "I suspect that the Seoul real estate brokerage commission regulations are rules for brokers rather than for the public," and added, "It seems to be operated differently from the government's plan to stabilize ordinary citizens' housing life."

In response, Minister Kim said, "There have been many issues raised about real estate brokerage commissions," and "We will also consider this matter together."

When Rep. Song pointed out that this issue could be resolved immediately if the Ministry of Land, Infrastructure and Transport changes the enforcement regulations of the Licensed Real Estate Agents Act and that the minister only needs to make up her mind, Minister Kim replied, "I have heard that there have been many controversies in the past as well," and "Please support us a lot."

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