Pohang City Implements Mandatory 'Housing Lease' Reporting System from June for Deposits Over 60 Million Won

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Jae-ho] Pohang City announced on the 16th that it will implement the 'Housing Lease Reporting System,' where the contracting parties report contract details such as rent and lease period when signing a housing lease contract, starting June 1.

The Housing Lease Reporting System is a measure to assist rational decision-making when entering into lease contracts by disclosing transparent lease market information. Applications can be made by visiting the administrative welfare center of the jurisdictional eup, myeon, or dong where the leased house is located, or through online reporting (Real Estate Transaction System).

The reporting target is housing under the Housing Lease Protection Act with a deposit exceeding 60 million won or monthly rent exceeding 300,000 won. Contracting parties are required to report the main contract details within 30 days from the contract signing date. The reporting obligation also applies when contract details are changed or canceled.

A fine of up to 1 million won will be imposed for failure to report or false reporting. However, considering the adaptation period for general citizens, a guidance period of one year from the implementation date will be provided for non-reporting or delayed reporting fines.

A Pohang City official stated, "Ahead of the implementation of the Housing Lease Reporting System, we will thoroughly prepare in advance, including public promotion to citizens, to ensure that citizens do not experience inconvenience."