Government flags 624 suspected illegal apartment transactions and 10,412 unlawful real estate ads

  • Government identifies 624 Seoul-Gyeonggi apartment transactions suspected of illegal activity.
  • 5,201 advertisements falsely described property use, area or included options.
  • Authorities will refer transaction and advertising cases for investigations, sanctions or fines.

The government identified 624 apartment transactions in Seoul and Gyeonggi suspected of involving illegal activity after reviewing all deals reported in November and December last year. The Ministry of Land, Infrastructure and Transport screened 1,883 suspicious transactions, finding 705 suspected violations across the 624 cases, including circumventive donations, false reporting of prices or contract dates, and breaches of loan regulations. The cases will be sent this month to the National Tax Service, National Police Agency, Financial Services Commission and local governments for investigations and sanctions. Separately, a yearlong inspection from July last year through June this year detected 10,412 suspected violations in online real estate advertisements. False descriptions of property use, area or included options accounted for 5,201 cases, or 50.0%, while 3,753 cases, or 36.0%, omitted required information such as location, area or price. Another 429 cases, or 4.1%, involved unqualified advertisers, and 1,029 cases, or 9.9%, were found during targeted inspections of university-area single-room neighborhoods and residential lodging facilities. The advertisements will be reported to local governments for fines or investigation requests.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.