Korea Association of Certified Realtors: "Housing Stability Measures Contribute to Rental Market Stability"

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 position regarding the government's residential sector livelihood stabilization measures announced on the 20th, stating that they "will contribute to stabilizing the housing life of ordinary people and the rental market in an era of high interest rates."

On the 22nd, the Association of Realtors claimed, "This government announcement is a preemptive measure to address housing environment instability caused by rising interest rates, the acceleration of the conversion from jeonse to monthly rent, and the second year of the lease protection law enforcement."

Regarding the measures to strengthen management and supervision of "empty-can jeonse" and jeonse fraud, the Association said, "Realtors need additional authority to verify senior rights," and added, "Legislation is necessary to grant realtors the mandatory right to receive or directly access the confirmation of fixed date registration status and the list of households moved in from landlords when contracts are signed, in relation to jeonse fraud."

Considering that multi-family houses such as one-room units and commercial-residential buildings are occupied by senior tenants, and tenants who sign contracts later often fail to recover their jeonse deposits during auctions, resulting in continuous consumer damage, the Association explained that this is an essential legislative task.

The Association stated, "Relatively weaker tenants are increasingly exposed to jeonse fraud due to lack of information such as confirmation of national tax arrears, mortgage registration amounts, whether the property is trust real estate, and subscription to return guarantees," and added, "The Association plans to strengthen education and publicity for its members."

Furthermore, it asserted, "We will cooperate with government policies on preventing empty-can jeonse and jeonse fraud to prevent jeonse deposit damages by creating a safe transaction environment," and claimed, "The government also needs to actively review the Association's opinions and reflect them in policies to prevent consumer damage."

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