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Debate Heating Up on Fate of ‘Jeonse’

Debate Heating Up on Fate of ‘Jeonse’

SEOUL, Aug. 3 (Korea Bizwire) — “Jeonse” (long-term deposit rental system) versus “weolse” (monthly rent). That has emerged as the hottest topic in local political circles since new laws intended to protect tenants from landlords and excessive rent increases went into effect at the end of July. Jeonse refers to a unique Korean system in [...]

Growing Number of Landlords Lowering or Freezing Rent

Growing Number of Landlords Lowering or Freezing Rent

SEOUL, April 16 (Korea Bizwire) — The rent reduction campaign, in which landlords lower store rents for small business owners affected by the new coronavirus outbreak is spreading throughout the country. The Ministry of SMEs and Startups said Wednesday that 3,425 property owners in individual shopping complexes and 513 in traditional markets across the country [...]

Majority of Small Businesses Say Rent Reduction Campaign Had Little Effect

Majority of Small Businesses Say Rent Reduction Campaign Had Little Effect

SEOUL, March 11 (Korea Bizwire) — The majority of small businesses feel that the “rent reduction campaign” initiated to help merchants struggling due to the coronavirus outbreak has had no practical effect, a recent survey revealed. A survey of 1,080 small business owners nationwide conducted by the Korea Federation of Micro Enterprise showed that 90.3 [...]

2,400 Underage Real Estate Owners in S. Korea

2,400 Underage Real Estate Owners in S. Korea

SEOUL, Oct. 2 (Korea Bizwire) — There are thousands of ‘underage landlords’ in South Korea who own real estate and collect rent. Rep. Shim Ki-joon of the ruling Democratic Party reported that there were a total of 2,415 juveniles who profited from renting out real estate in 2017. The young landlords generated 50.4 billion won [...]

Despite High Rent, Living Conditions for University Students are Poor

Despite High Rent, Living Conditions for University Students are Poor

SEOUL, Jun. 14 (Korea Bizwire) – University students who live alone in Seoul spend more than half of their monthly living expenses on rent. It has been pointed out that there should be necessary improvement in living conditions as high rent does not provide a better living environment. The Student Council of the Workers’ Party for Reforming [...]

80,000 Individuals Own 5 or More Housing Units Leased to Tenants

80,000 Individuals Own 5 or More Housing Units Leased to Tenants

SEOUL, Oct. 5 (Korea Bizwire) — A survey has found that 80,000 South Koreans own five or more housing units that are being rented out to tenants. According to an analysis by Liberty Korea Party Rep. Kim Sang-hoon of data provided by the Ministry of Land, Infrastructure and Transport (MOLIT), 6.14 million people owned a [...]

Office Rents in Seoul Increasing at Second-Highest Rate in Asia

Office Rents in Seoul Increasing at Second-Highest Rate in Asia

SEOUL, June 4 (Korea Bizwire) – A recent study found that the rate of increase for office rents in Seoul was the second-highest in Asia, among 19 major cities. According to a study conducted by major U.K. real estate consulting corporation Knight Frank, rents in Seoul during this year’s first quarter increased by 2.6 percent compared [...]

Landlord Cuts Rent in Half for Tenants Suffering from Depression due to MERS

Landlord Cuts Rent in Half for Tenants Suffering from Depression due to MERS

CHEONGJU, Korea, June 25 (Korea Bizwire) – An impressive text message from a building owner to his tenants became the talk of town in Korea. The good-hearted landlord cut monthly rents by half after tenants suffered from financial difficulties due to the widespread Middle East Respiratory Syndrome (MERS). On June 21, Lee In-soo (50), who runs [...]