Gyeongnam Province Wipes Tears of Jeonse Fraud Victims... Special Task Force Activated

Special Task Force (TF) for Jeonse Damage Response, Fully Committed to Housing Stability

Gyeongsangnam-do Province converted and launched its Real Estate Policy Special Team into the "Jeonse Damage Response Special Team" on the 7th to respond to Jeonse fraud and reverse Jeonse difficulties, holding the first cooperation meeting.

According to Gyeongsangnam-do, the special team is composed of a working team and an advisory group, led by Heo Dongsik, Director of the Urban Housing Bureau.

The working team includes the Land Information Division, Architecture and Housing Division, Korea Land and Housing Corporation, Gyeongnam Police Agency, and six cities and counties, while the advisory group includes the Bank of Korea, Korea Real Estate Board, real estate professors, and the Gyeongnam branch of the Korea Association of Realtors.

The first cooperation meeting of the special task force (TF) for responding to jeonse damage in Gyeongnam Province is being held.
[Photo by Gyeongnam Provincial Government]

At the first cooperation meeting, the following were discussed: sharing the current status of Jeonse damage in the province and support and investigation situations; consultations on providing related information such as Jeonse damage status, appropriate Jeonse rate, and real estate market price information; and finding efficient improvement measures for Gyeongsangnam-do’s Jeonse damage support policies.

The special team decided to thoroughly prepare for potential damage caused by the reverse Jeonse phenomenon, where existing Jeonse deposits exceed recent Jeonse market prices, expected from the second half of this year to early next year.

With the help of the information power of certified realtors at the forefront of the real estate brokerage market, they agreed to share concern areas and cases with related institutions and to take preemptive action through transaction price verification and damage fact investigations.

The province, cities, counties, investigative agencies, and the Realtors Association will organically cooperate to ensure that tenants suffering from Jeonse damage receive support without omission by thoroughly investigating damage facts and sharing related information, not only in places where Jeonse damage cases are known such as Changwon, Gimhae, Haman, and Sacheon, but also in areas where future Jeonse damage is expected.

Currently, Gyeongsangnam-do is promoting the following: interest support of 1.2~2.1% for low-interest loans to tenants who have received Jeonse damage confirmation certificates; monthly rent support of about 30% of market price for those requesting emergency housing support; and a Jeonse deposit return guarantee insurance premium support project for non-homeowners with a standard median income below 180%.

Applications for designation as victims of Jeonse fraud by affected tenants are also accepted through the provincial civil complaint call center 120.

Director Heo of the Urban Housing Bureau said, “We will hold cooperation meetings frequently to gather the expertise and wisdom of related institutions to come up with the best measures to alleviate the suffering of Jeonse-damaged tenants in the province,” adding, “We will do our utmost to ensure that support measures under the special law and existing provincial support policies provide practical help to affected tenants.”

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