Gwangju City, Police Agency, and National Tax Service Conduct Special Crackdown on Illegal Real Estate Transactions

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City is launching a strong crackdown on illegal real estate transactions in cooperation with the Gwangju Metropolitan Police Agency, Gwangju Regional Tax Office, and autonomous districts.

On the 23rd, Gwangju announced that it has prepared and will implement the "Real Estate Market Stabilization Plan," which mainly includes joint crackdowns to establish transparent transaction order in the real estate market and eradicate illegal activities.

The real estate market stabilization measures include ▲ joint crackdowns on illegal real estate transactions with related agencies ▲ deployment of dedicated investigative personnel for real estate crackdowns ▲ strengthening publicity and education ▲ enhancing precise verification of false reports on actual real estate transaction prices ▲ continuous monitoring of real estate transaction trends.

The special crackdown on illegal real estate transactions will be conducted from the 24th until the end of the year.

This crackdown follows continuous complaints received through Gwangju’s social network system (SNS) and others that false reports of actual transaction prices, such as drafting down payment contracts, are rampant. The crackdown will focus on real estate agencies and model houses, targeting false reports of actual transactions, illegal brokerage, speculation in reconstruction and redevelopment, and will strictly take action against illegal brokerage activities.

In addition, two dedicated investigative personnel will be assigned to the city’s Civil Affairs Police Department to conduct planned investigations into illegal transactions of pre-sale rights, subscription fraud, and illegal activities by planned real estate developers.

Verification of false reports on actual real estate transaction prices will be strengthened from once a year to once every quarter, and continuous monitoring will be conducted to collect information on real estate transaction trends and illegal transaction activities.

Furthermore, to prevent citizens from unknowingly becoming involved in illegal real estate activities, campaigns will be conducted in cooperation with related organizations such as the Korea Association of Realtors and the Korea Housing Builders Association, and banners promoting fair real estate transactions will be posted at model houses and promotional centers.

Lee Su-won, Director of the Land Information Division of the city, said, “Real estate speculation is a serious issue that shatters the dreams of ordinary people owning their own homes and deepens social polarization. Through this real estate market stabilization plan, we will work harder to establish transaction order and prevent harm to citizens.”

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