Gwangju City, Local Government Joint Crackdown on Illegal Real Estate Transactions in Bongseon-dong and Suwan Districts
Fines Will Be Imposed and Illegal Activities Will Be Reported for Investigation Upon Violation Detection
[Asia Economy Honam Reporting Headquarters, Reporter Park Seon-gang] Gwangju Metropolitan City has formed a joint crackdown team with Nam-gu and Gwangsan-gu to conduct intensive inspections on illegal real estate transactions targeting Bongseon-dong and Suwan districts until the end of the year.
This measure comes in response to complaints that after Chuseok, outside investors have been purchasing apartments in Bongseon-dong and Suwan districts at high prices, causing transaction prices to soar, while also engaging in "gap investment" by buying with jeonse deposits and raising jeonse prices.
Accordingly, the city plans to focus inspections on outside buyers and real estate agents who broker these sales, and will take strict action against violations.
The main inspection targets include false reporting of actual transaction prices, unregistered brokerage activities, and illegal acts by certified real estate agents.
If caught violating real estate transaction regulations, a fine of up to 30 million KRW or within 5% of the acquisition price will be imposed.
Additionally, detected illegal activities will be referred to the police for investigation. If unregistered brokerage activities or illegal acts by certified real estate agents are revealed, penalties may include imprisonment of up to three years or fines up to 30 million KRW.
Gwangju City views the cause of the real estate price surge as the mass movement of real estate investment groups from regulated areas such as Seoul and Gyeonggi to non-regulated areas like Gwangju, Busan, and Gimpo following the government's successive real estate policy announcements in June and July.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- South Korea Joins the Humanoid Race... LG and KIST Form a Unified Team
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
Lee Su-won, Director of the City Land Information Division, stated, "Gap investment by outside investors is causing apartment sale and jeonse prices to rise, creating a social problem that frustrates ordinary citizens' dreams of owning a home. We will make greater efforts to prevent citizen damage through this real estate transaction crackdown."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
