'False Listing Fines' in One Day... Seoul Apartment Listings Decrease by 15%

On the 19th, the government decided to lower the jeonse-to-monthly rent conversion rate from the existing 4% to around 2.5%. Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated at the related ministers' meeting on real estate market inspection that the current 4% conversion rate could accelerate the trend toward monthly rent and increase the burden on tenants, leading to this decision. The photo shows a real estate agency in Jamsil, Seoul on the same day. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Yuri] With the law imposing fines of up to 5 million won on real estate agents who post false or exaggerated listings online taking effect on the 21st, the number of apartment listings in Seoul has sharply decreased.

According to real estate big data company 'Asil (Apartment Actual Transaction Price)' on the 22nd, the number of sales, jeonse, and monthly rental listings in Seoul dropped from 100,873 on the 20th to 85,821 on the 21st, a 15.0% decrease in just one day.

During this period, listings in all 17 metropolitan cities and provinces also declined. Nationwide listings fell from 503,171 to 467,241, a 7.1% decrease. The largest drop was in Seoul, followed by Gyeonggi (-5.0%), Chungbuk (-2.6%), Daegu and Jeonnam (-2.4%), and Daejeon (-2.0%).

In Jeongja-dong, Bundang-gu, Seongnam-si, Gyeonggi Province, the number of listings at Sangnok Woosung Apartment plummeted by 77.0% from 143 to 33 in one day. In Seoul, listings decreased by around 60% in areas such as Raemian Seocho Suite in Seocho-dong, Seocho-gu; Mokdong New Town 4th and 5th complexes in Yangcheon-gu; Helio City in Garak-dong, Songpa-gu; and Gaepo Jugong 6th and 7th complexes in Gaepo-dong, Gangnam-gu.

Listings for multi-family housing such as one-room and two-room units also reportedly dropped by about 50%. Industry insiders say this is because, following the enforcement of the revised law, platform companies made all unverified listings private, indicating that nearly half of the listings were effectively false.

On the first day of the revised law's enforcement, the Korea Internet Self-Governance Organization (KISO) saw a significant increase in reports of false listings. From the beginning of this month until the 20th, the daily average of false listing reports was 361, but on the 21st, 1,262 reports were filed?3.5 times the usual number.

This content was produced with the assistance of AI translation services.