Changwon Special City Moves to Support Youth Housing Stability and Cut Initial Moving Costs

Signing of a "Business Agreement on Reducing Brokerage Fees for Youth Housing Jeonse and Monthly Rent Contracts" with the Korea Association of Realtors

On the 24th, Changwon Special City in South Gyeongsang Province signed a "Business Agreement on Reducing Brokerage Fees for Youth Housing Jeonse and Monthly Rent Contracts" with the five district branches of the Changwon City chapter of the Gyeongsangnam-do Association of the Korea Association of Realtors.

Changwon Special City and the Korea Association of Realtors sign an MOU on reducing brokerage fees for youth housing rental and jeonse contracts.

This agreement was prepared to reduce the economic burden on young people, including those just starting their careers, by cutting the brokerage fees incurred when they sign jeonse or monthly rent housing contracts, through the voluntary participation of licensed real estate agents.

Changwon City will provide overall administrative support to ensure that the "Youth Housing Jeonse and Monthly Rent Contract Brokerage Fee Reduction Program" can be smoothly established. The city will promote the program through its official website and social media, and it plans to produce and distribute signs designating participating offices as "Youth Priority Real Estate Brokerage Offices."

The Korea Association of Realtors will encourage voluntary participation in the program among licensed real estate agents in the jurisdiction and will recruit brokerage offices that will offer the fee reduction benefits. Despite the fact that the real estate brokerage industry is also facing difficulties due to the downturn in the property market, the association has come together around this agreement in the spirit of co-prosperity with the younger generation.

Through this program, tenants between the ages of 19 and 39 will receive a 20% reduction in brokerage fees on jeonse or monthly rent contracts of 100 million won or less when they use a "Youth Priority Real Estate Brokerage Office."

Jang Geumyong, Acting Mayor of Changwon Special City, said, "This agreement is the result of cooperation between the public and private sectors to ensure housing stability for young people," adding, "We will continue to develop practical housing support policies so that young people can pursue their dreams and settle stably in Changwon."

Meanwhile, after the signing of the agreement, Changwon City will recruit participating real estate brokerage offices and plans to release the list on the city website in March.