South Korea recognizes 623 additional jeonse fraud victims

The South Korean Ministry of Land, Infrastructure and Transport announced that 623 additional cases were officially recognized as jeonse fraud victims in September. This brings the cumulative number of recognized victims to 41,559 since the enactment of the Special Act in June 2023.

Of the 1,642 cases reviewed during three committee meetings in September, 579 were new or re-applications, while 44 were successful appeals from previous denials. Conversely, 583 cases were rejected for failing to meet legal requirements, and 208 were excluded because victims could fully recover their deposits through guarantee insurance or priority repayment systems.

Data shows that 75.89% of recognized victims are under the age of 40, with those in their 30s accounting for over 50%. Most affected properties involve deposits under 300 million won, primarily consisting of multi-family houses, officetels, and multi-household houses. The Seoul metropolitan area accounts for 60.7% of all recognized cases.

To support housing stability, the Korea Land and Housing Corporation (LH) has purchased a total of 11,148 victim-affected homes as of late September. Under a fast-track system, LH exercises priority purchase rights in auctions, allowing victims to reside in their homes for up to 10 years by converting auction profits into rental deposits.