Korea Association of Realtors "Welcomes Extension of Lease Reporting System Grace Period"

Lee Jong-hyuk, President of the Korea Association of Certified Real Estate Agents. (Photo by Korea Association of Certified Real Estate Agents)

[Asia Economy Reporter Ryu Tae-min] The Korea Association of Realtors has expressed its welcome for the Ministry of Land, Infrastructure and Transport's extension of the guidance period for the lease reporting system.

The Association stated on the 27th, "Many regulations intended to stabilize the real estate market often become a burden to the public," adding, "By extending the guidance period for the lease reporting system by one more year, market confusion and the burden of fines have been alleviated."

The lease reporting system, implemented in June last year, applies nationwide except for county areas under provincial jurisdiction, targeting lease contracts with a deposit exceeding 60 million KRW or monthly rent exceeding 300,000 KRW. The reported information includes personal details of the contracting parties, information about the leased property, rent, contract period, and so on. Reports must be submitted within 30 days from the date the lease contract is signed. Initially, the government had set the guidance period until the end of this month, after which false reports would incur fines of 1 million KRW, and failure to report would result in fines ranging from 40,000 to 1 million KRW.

The Association has opposed policies, emphasizing the side effects of the previous government's repeated changes to real estate policies. The Association added, "We hope the current government will reflect the opinions of realtors."

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