SEOUL, July 12 (Korea Bizwire) — The value of unreturned deposits for “jeonse” home rentals is increasing year after year, hitting an all-time high in the first half of this year, data showed Monday. Under South Korea’s decades-old jeonse system, tenants pay a large lump-sum deposit, known as key money, to the landlord, which [...]
SEOUL, June 21 (Korea Bizwire) — The government on Tuesday vowed to relax regulations on loans and tax deductions for tenants and to extend tax benefits to landlords who raise rental fees at a minimum level in a move to help ease financial burdens on tenants and stabilize the housing market. Under the Yoon Suk-yeol [...]
SEJONG, May 31 (Korea Bizwire) — Monthly lease contracts exceeded half of South Korea’s home rentals for the first time in April, government data showed Tuesday, due mainly to the impact of new laws that took effect two years earlier meant to protect tenants. The number of monthly home lease contracts, called “weolse” in Korea, [...]
SEOUL, Sept. 21 (Korea Bizwire) — Loans extended by local banks to individuals for home rentals have spiked over the past five years, market data showed Monday, amid a surge in rental prices driven by record-low interest rates and a shortage of homes for rent. According to the data, loans extended by the six largest [...]