jeonse frauds Archives | Be Korea-savvy

South Korea’s Rental Market Sees Record Shift Toward Monthly Leases

SEOUL, Jan. 30 (Korea Bizwire) — The share of monthly rental contracts in South Korea’s housing market reached a record high in 2024, nearing 60% of all lease agreements, as rising interest rates and concerns over rental fraud (in particular jeonse frauds) accelerated the transition away from traditional lump-sum deposits. According to data from the Supreme [...]

Gov’t Extends Housing Support for Foreign Victims of Rental Scams

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 [...]