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.
A restaurant owner puts up a banner in Cheongra-dong of Seo District, Incheon, thanking the landlord for lowering rent during the coronavirus pandemic and advertising a sale on Wednesday afternoon.
As real estate prices in Seoul rise, people are flocking to Gyeonggi to buy apartments.
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.
The government is to come up with a measure this week to stabilize the jeonse (long-term rent with lump-sum deposit payment) market. Jeonse rents have become extremely short in Seoul and all other parts of the country. According...
Ms. Yim, who lives on a jeonse contract in an apartment in Seongsu-dong, western Seoul, said her landlord recently demanded an additional 120 million won ($100,000) in jeonse. Yim said she'll probably be forced to move.
As a standing committee passed the tenant protection law Wednesday, the real estate market is seeing a massive shortage in supply of such properties, pushing the price up for 52 consecutive weeks.
The ruling party on Wednesday used its majority in the Legislation and Judiciary Committee to clear controversial bills to protect tenants by restricting landlords’ rights.
The ruling Democratic Party (DP) and the government are pushing three pieces of legislation that will stabilize lease terms, conditions and rental rates themselves.The ruling party also raised concerns over foreign speculation.