The photo shows residential houses and apartment complexes in Seoul, as seen from Namsan in Jung-gu, Seoul. (Yonhap)
SEOUL, Jan. 23 (Korea Bizwire) — Starting January 24, 2025, South Korea will extend the maximum residence period for foreign victims of jeonse frauds in public emergency housing from two years to six years, the Ministry of Land, Infrastructure, and Transport announced on Thursday.
Jeonse fraud is a type of real estate fraud that occurs when a landlord or real estate agent misuses a tenant’s jeonse deposit. Jeonse is a Korean housing system where a tenant pays a large sum of money to the landlord as a deposit when signing a lease.
The extension follows public discussions on the need to strengthen housing stability for foreign victims. Emergency housing support, managed by the Korea Land and Housing Corporation (LH), provides temporary accommodations to rental scam victims who face urgent eviction due to foreclosure or auction of their current residences.
Under the program, victims can initially reside in public rental housing for up to two years at approximately 30% of market rental rates. With the new policy, foreign victims will now be eligible to stay for up to six years.
As of the end of 2024, foreign victims accounted for 393 of the 25,578 cases recognized under South Korea’s special rental scam law, representing 1.5% of the total.
Foreign victims seeking extended housing support are encouraged to contact their local LH branch for detailed guidance. The government aims to provide greater housing security and relief for those affected by rental fraud.
M. H. Lee (mhlee@koreabizwire.com)
