President Moon Jae-in sacked Blue House policy chief Kim Sang-jo for circumventing new rent control laws by hiking the rent on a property two days before they went into effect.
Half-jeonse contracts have become more popular since the ruling Democratic Party rammed through the three laws designed to protect tenants. They included provisions for automatic extensions and a cap on rent increases.
Not many may remember the exact words of President Moon Jae-in on the real estate market during his town halls with the public which were televised live in November last year. “Real estate prices across the country have come down...
A customer looks at sales postings at a real estate agency in Sejong on Tuesday. According to the Korea Appraisal Board, jeonse long-term rent prices in Sejong rose 4.3 percent last month compared to the previous month.
The government will increase supplies of residences by 114,000 units over the next two years, including repurposing hotel rooms and office space. This is the 24th set of real estate measures introduced by the Moon Jae-in government.
A view of apartments from Seoul Sky at the top of the Lotte World Tower in Songpa District, southern Seoul on Wednesday.
As the government works to keep property price down, the prices keep rising, especially at the top end of the market.
As real estate regulations have made it increasingly difficult for people to live in apartments by paying jeonse long-term deposits, monthly rent in Seoul is on the rise.
Prices of apartments in Seoul are on the rise even as the government and ruling party vow to raise assessed values of properties, which will significantly increase taxes paid by homeowners.
The Moon Jae-in administration’s rent policy is sinking deeper into a slump. There is no solution in sight to solve the dire crisis. The government offers to increase mid-sized public rent or stake-holding ownership supplies,...