"My Landlord Is Also a Villa King?"... Growing Concerns Over Office-tel Empty Jeonse

Real Estate Review Platform Jippoom "Surge in Address Search Volume"

"I suspect gap speculation, so I feel uneasy. (A tenant of an officetel in Gangseo-gu, Seoul)"

Recently, a series of large-scale villa jeonse fraud cases have occurred, increasing concerns among officetel tenants about the risk of "empty jeonse" (kan-tong jeonse).

According to Jippoom, a real estate residence review and evaluation platform, the number of searches for officetel addresses in the Seoul metropolitan area in the fourth quarter of last year increased 2.4 times compared to the previous quarter. On this platform, users can enter a specific address to check residence reviews from people who have actually lived in the officetel. The address search volume, which had been steadily increasing throughout the second half of the year, rose 1.53 times in December compared to the previous month, when the so-called "Villa King" incident was revealed. This is interpreted as a rise in concerns about housing stability among officetel tenants following the exposure of large-scale jeonse fraud cases.

Last December, tenants affected by the 'Villa King' incident held a rally in front of the Ministry of Land, Infrastructure and Transport at the Government Complex Sejong in Sejong City to voice their grievances.
[Image source=Yonhap News]

In fact, according to Jippoom, reviews expressing concerns about empty jeonse and deposit fraud among officetel tenants in the metropolitan area have recently increased. A tenant of an officetel in Gangseo-gu, Seoul, wrote, "I suspect gap speculation and want to get out of the jeonse quickly, but they tell me to find the next tenant first."

Meanwhile, the victims of villa jeonse fraud cases were mainly in their 20s and 30s. This age group often lacks experience in real estate contracts and has limited funds, leading them to choose multi-family houses, row houses, or officetels as residences rather than apartments. As a result, they have been the primary targets of jeonse fraud.

A representative from Jippoom explained, "Before signing a contract, it is essential to check for jeonse fraud through residence reviews and self-diagnosis, and to verify lists of malicious landlords through searches. This is the safest way to find your home." They added, "After signing a contract, scanning and keeping documents such as the contract and the certified copy of the register is one of the smart ways to prevent jeonse fraud."