South Korea: Chonse (key-money) deposit-protection reforms continued

Mon, 01 Jul 2024 00:00:00 GMT
Housing

South Korea — Following the 2022–2023 chonse-fraud crisis, additional tenant-protection rules were implemented from July 2024 — strengthened landlord disclosure, mandatory deposit-insurance for high-value chonse contracts, and improved Hi Korea-linked verification for non-Korean tenants. Practical effect: more documentation friction at lease signing, but better deposit security.
Who it affects: Tenant-protection updates affecting non-Korean residents using the chonse rental system.