Photo: Yonhap News
A new set of real estate laws designed to protect and enhance tenants’ rights in South Korea took effect Friday.
The new legislation on housing leases, which passed the National Assembly the previous day, will allow tenants to ask for the extension of their two-year "jeonse" contracts, involving a lump-sum deposit, for up to two additional years.
After the 4-year contract period, landlords are able to raise jeonse deposits by a maximum of 5 percent or lower, depending on the policies of their respective provincial governments.
The change comes amid growing public discontent over skyrocketing home prices, especially in Seoul.
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