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 [...]
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 [...]
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 [...]
JEONJU, Feb. 18 (Korea Bizwire) — The Jeonju Hanok Village, located in Jeonju, North Jeolla Province and visited by more than 10 million people every year, is the source of a feel-good story that has offered a respite to those weary from coverage of the coronavirus outbreak. A total of 64 landlords in the village [...]
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 [...]
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 [...]
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 [...]
SEOUL, May 24 (Korea Bizwire) – New statistics show an increasing number of South Korean baby boomers in their 50s are purchasing smaller apartments. Daewoo Engineering & Construction (Daewoo E&C) teamed up with the industry academic research team at Konkuk University and conducted a big data analysis which revealed that over 36 percent of buyers [...]
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 [...]
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 [...]