Yangju City Operates "Kkangtong Jeonse Damage Prevention Counseling Center"

Yangju City in Gyeonggi Province announced on April 21 that it will continue to operate the "Kkangtong Jeonse Damage Prevention Counseling Center" this year to prevent losses caused by "Kkangtong Jeonse" in newly built multi-family, row, and multiplex housing due to insufficient housing price information and lack of clear priority rights relationships.

Notice on the Operation of the "Kkangtong Jeonse Damage Prevention Counseling Center." Provided by Yangju City

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The "Kkangtong Jeonse Damage Prevention Counseling Center" has been in operation since January 2021, based on the "Tenant Protection Agreement for Newly Built Multi-Family Housing," which was signed by Gyeonggi Province, the Korea Association of Property Appraisers, and the Korea Association of Realtors.

"Kkangtong Jeonse" refers to real estate properties that pose a risk of tenants being unable to recover their jeonse deposit at the end of the contract, due to mortgage loans or jeonse deposits that exceed the property's sale price.

This issue arises when landlords set excessively high jeonse deposits before the official housing price is announced. Tenants can prevent such losses by consulting about the housing price before it is officially disclosed.

Consultations on the prices of newly built homes can be requested through the "Kkangtong Jeonse Damage Prevention Counseling Center" (https://consult.kapanet.or.kr), where a local appraiser will provide a telephone consultation regarding the appropriate price of the requested property.

An official from Yangju City stated, "We will actively promote the types of Kkangtong Jeonse damages and prevention methods to protect citizens and will do our utmost to establish a sound and transparent real estate transaction order."

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