"Down Payment Worth Tens of Millions Vanishing"... 580 Reports of 'Real Estate Damage' in 2 Months

Minister of Land, Infrastructure and Transport Kim Hyun-mi is attending the 'Real Estate Market Inspection Meeting of Related Ministers' held at the Government Seoul Office in Jongno-gu, Seoul on the 23rd. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Lee Ji-eun] "After completing the contract for resale of pre-sale rights (deposit payment) before June 17, the area was designated as a speculative zone following the June 17 measures. Despite the contract being made before the measures, mid-term and final payment loans were retroactively blocked. If the mid-term and final payments cannot be made through loans and must be paid in cash, the deposit of tens of millions of won will be lost, and families will be on the brink of collapse. It is outrageous and I am so angry that I cannot sleep."

The People Power Party announced on the 24th that after opening the 'Moon Administration Real Estate Policy Damage Reporting Center' and receiving reports of real estate damages, 581 reports were received within two months of its establishment.

Among the reports, the most common complaint was "damage due to policy uncertainty caused by the excessive issuance of real estate policies," with 149 cases, followed by "damage from tax imposition due to the cancellation and changes in tax benefits related to rental business operators," with 137 cases. Additionally, there were 132 cases of cost burdens caused by the forced subscription to tenant deposit guarantee insurance, and 49 cases related to market confusion aggravated by the proliferation of various explanatory materials from the Ministry of Land, Infrastructure and Transport and civic groups, as well as discrepancies between these explanatory materials.

The People Power Party stated, "The party’s Policy Committee will properly listen to and address the suffering of the people caused by the current government’s real estate failures," and criticized, "Policy makers of the current government, who persist with arrogance and obstinacy without recognizing reality, must seriously listen to these voices of the people."

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