Building Owners and Tenants Encouraged to Coexist... Jongno-gu Operates 'Gentle Gongin Real Estate Office'

18 Gentle Real Estate Agencies Designated in Bukchon and Samcheong-dong, Areas Concerned for Gentrification... Active Collaboration Planned for 'Commercial Building Lease Win-Win Agreements,' Local Business Revitalization, and Real Estate Market Monitoring

Daehangno Smile Real Estate Agent

[Asia Economy Reporter Jongil Park] Jongno-gu (Mayor Kim Young-jong) will pilot the ‘Gentle Real Estate Agency’ project until December this year to prevent gentrification that displaces original residents by revitalizing the deteriorated old downtown area.

This project is a proactive mediation measure aimed at protecting traditional commercial districts by promoting mutual growth between building owners and tenants.

The ‘Gentle’ in Gentle Real Estate Agency stands for Gentle and Gentrification, referring to businesses participating in gentrification prevention activities.

Based on the operation of Gentle Real Estate Agencies, the district plans to encourage real estate landlords to voluntarily participate in policies such as ‘Good Rent,’ which values social public interest over profit.

Accordingly, on the 23rd of last month, 18 Gentle Real Estate Agencies were designated in areas considered representative of potential gentrification, including Bukchon, Seochon, Samcheong-dong, Daehak-ro, Insadong, and Ikseon-dong.

This result was achieved through a direct persuasion process emphasizing the crucial role and participation of licensed real estate agents.

The selection criteria for designated offices included securing resident accessibility by being located on the first floor of buildings, having operated for more than one year after registration, and operational stability. The 18 selected Gentle Real Estate Agents will receive benefits such as participation in education and issuance of designation certificates.

Furthermore, from the stage of commercial building lease contracts, acts that provoke rent and key money increases will be eradicated, and efforts will be made to lead the preparation of ‘Commercial Building Lease Win-Win Contracts’ to protect commercial districts and promote mutual growth between building owners and tenants.

For example, by complying with all provisions of the Commercial Building Lease Protection Act, they promise to maintain appropriate rent and actively cooperate when tenants wish to renew contracts after expiration, barring special circumstances.

They will also actively collaborate in understanding real estate market trends and sharing related information to revitalize local commercial districts and establish a foundation for win-win cooperative relationships.

Mayor Kim Young-jong said, “I thank the licensed real estate agents who willingly joined to demonstrate the virtue of coexistence for small business owners quietly overcoming difficulties during the prolonged COVID-19 period,” and added, “We will introduce meticulous policies to protect traditional commercial districts, landlords, and tenants and achieve sustainable regional development.”

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