[Asia Economy Reporter Kwangho Lee] Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, announced on the 19th that "the current monthly rent conversion rate of 4% (monthly rent for jeonse and wolse) will be lowered to 2.5%."
On the same day, Deputy Prime Minister Hong presided over the 3rd Real Estate Market Inspection Meeting with related ministers at the Government Seoul Office and stated, "The current monthly rent conversion rate of 4% may accelerate tenants' trend of switching to monthly rent and increase their burden."
He added, "Along with this, to smoothly resolve various disputes that may arise during the transitional period following the implementation of the Three Lease Laws, we plan to add six more dispute mediation committees this year, increasing the current six, and continue to expand them thereafter."
He continued, "To protect tenants from false contract renewal refusals, we will expand the right to access information so that even after eviction, tenants can view the status of housing move-in registrations and fixed date certificates for a certain period."
Deputy Prime Minister Hong also said, "A planned investigation is underway into suspicious transactions, including those involving minors in high-priced transactions over 900 million KRW (about 400 additional cases compared to the previous week), and suspicious transactions in land transaction permission zones and major overheated areas in the metropolitan area (about 150 additional cases). In line with the enforcement of the revised Real Estate Agent Act on the 21st, we will monitor unfair representations and advertisements by real estate agents through the Korea Internet Advertising Foundation and will firmly respond to illegal activities."
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