Last month, a meeting between Lee Jong-hyuk, President of the Korea Association of Realtors, and Yoon Seok-yeol, then presidential candidate (Photo by Korea Association of Realtors)
[Asia Economy Reporter Ryu Tae-min] The Korea Association of Realtors has expressed strong support for the Presidential Transition Committee's opinion to repeal or reduce the Lease 3 Acts.
The association pointed out on the 29th, "Since the implementation of the Lease 3 Acts system, problems such as the dual pricing issue where transaction prices differ between renewal contracts and new contracts, landlords switching from jeonse to monthly rent, the shortage of jeonse listings, and conflicts between landlords and tenants have continuously occurred in the market."
They added, "Although licensed realtors have made great efforts on the ground to minimize disputes between landlords and tenants, conflicts could not be resolved due to the structural problems of the law system. We actively welcome the Transition Committee's opinion to repeal or reduce the Lease 3 Acts, which have only caused difficulties for landlords, tenants, and realtors."
The Korea Association of Realtors opposed the bill from the time the Lease 3 Acts were proposed in June 2020, expressing concerns that the legislation was excessive. They warned that if the bill was pushed forward recklessly, ignoring market principles, the then rapid rise in housing prices would spread to a surge in jeonse and monthly rent prices, ultimately burdening tenants.
The association further emphasized, "The next government must reflect the voices from the real estate field and ensure that additional legal amendments are made."
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