Next Month, Legislation on Market Disruption Acts Such as Housing Price Collusion and Price Manipulation to Be Introduced

False Listings, Fraudulent Subscription, Falsified Residence Registration, Unjust Refusal of Contract Renewal Request, etc.

Participants including the Sangam-dong Residents' Association are holding a "Rally to Cancel the Sangam Apartment Complex" on the 16th at Sangam Culture Square in Mapo-gu, Seoul. They are concerned that if more than 6,000 households are newly built according to the government plan, it will not only become a dense forest of apartments but also worsen educational and transportation conditions. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Jang Sehee] The government plans to submit a bill to the National Assembly next month that includes penalties for homeowners who manipulate housing prices or list false properties. The real estate supervisory agency is expected to be launched as early as the end of this year, or by early next year at the latest.

A government official stated, "The plan to newly enact a law regulating real estate transactions is currently being discussed within the government."

Considering that the regular National Assembly session in September ends in December, if the law passes as scheduled and the enforcement date is set to immediately follow the promulgation, the new law could be applied by early next year at the latest.

The government views collusion in sales and jeonse prices, false listings, fraudulent subscription, disguised address registration, and unjust refusal of contract renewal requests as representative types of market-disturbing activities.

The real estate supervisory agency is expected to conduct comprehensive investigations not only monitoring unfair practices such as price collusion and false listings in the real estate market but also tax evasion and sources of funds. Given the broad scope of investigations, it is anticipated that the agency will have at least around 100 personnel. As for the form of the real estate supervisory agency, options being considered include placing it under the Prime Minister's Office or establishing it as an independent organization similar to the Financial Supervisory Service.

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