Daejeon City and Autonomous Districts Crack Down on Illegal Real Estate Brokerage Activities

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City, together with its five autonomous districts, will crack down on illegal activities in the local licensed real estate agents industry.

The city announced on the 7th that it will conduct joint guidance and crackdowns on illegal brokerage activities from the 7th to the 25th of this month.

The crackdown is being carried out considering that despite some areas in Daejeon being designated as speculative overheating zones under the ‘6·17 Real Estate Measures’ and thus subject to regulations such as restrictions on mortgage loans, complaints related to illegal and illicit activities such as real estate speculation and false reporting of real estate transactions continue unabated.

The city plans to focus the crackdown mainly on apartment complexes where restrictions on resale of pre-sale rights have recently been lifted, as well as redevelopment and reconstruction project areas. The targets of the crackdown include illegal transactions of pre-sale rights and the creation of double contracts for under-the-table deals.

Buyers, sellers, and licensed real estate agents involved in illegal transactions detected during the crackdown will be reported to judicial authorities.

Ryu Taek-yeol, head of the Urban Regeneration and Housing Headquarters of the city, said, “Through the crackdown, we will encourage sound transactions in the local licensed real estate agents industry and establish a transparent real estate transaction order,” adding, “Taking this opportunity, the city will also make every effort to build a demand-centered real estate administrative service system.”

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