Farmland census sends South Korean transactions down 8.2% and squeezes property services

  • The farmland census has reduced work for surveyors, brokers and legal professionals.
  • 8.2%: Average monthly farmland transactions fell from 28,529 to 26,185 plots.
  • Yangpyeong County agencies fell 6.3% in July to 631, nearly twice the prior decline.

South Korea’s nationwide farmland census, which began in May, has sharply reduced transactions and weakened businesses that depend on farmland sales, including surveyors, real estate agencies and legal professionals. The average monthly number of farmland transactions fell 8.2%, from 28,529 plots between January and April to 26,185 between May and July. Yangpyeong County in Gyeonggi Province has been particularly affected because many buyers are urban residents from the capital region planning eventual rural lives. Surveying office owner Choi, 61, said he dismissed three of his six employees this year and saw monthly sales plunge from 50 million Korean won last year to about 10 million won. Brokers say buyers are avoiding deals because authorities are checking whether purchasers actually farm the land. The number of real estate agencies in Yangpyeong County fell 6.3% in July to 631, while Gyeongsangbuk-do recorded a 3.2% year-on-year decline. Legal professionals handling farmland acquisition certifications, ownership transfers and tax payments also report steep losses, with Kim Young-o saying his office sales had dropped to one-third.

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Farmland census sends South Korean transactions down 8.2% and squeezes property services - CoinPost Terminal