South Korea's rental housing market experiences $1bn annual loss due to jeonse scams.
South Korea's rental housing market has been hit by a surge in real estate scams, with police data suggesting over $1 billion is lost to jeonse scams annually. The jeonse system, which accounts for two-thirds of the rental market, involves tenants paying large deposits, living rent-free for years, and receiving their money back when they move out. However, fraudulent activities have led to debt, suicide, and financial ruin for many South Koreans.
May 27, 2024
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