Government Plans to Monitor Even Personal Posts Related to Real Estate

[Image source=Yonhap News]

[Asia Economy Reporter Yoo In-ho] "Now, if you list a property online at a price higher than the market rate, will the government investigate?" This is a recent post on a real estate-related online community.

With 19 ruling party lawmakers, including Jin Seong-jun of the Democratic Party and Jin Seon-mi, head of the Future Housing Promotion Team, proposing the "Real Estate Transaction and Real Estate Service Industry Act," there are concerns that opposing opinions like this can be easily found on online communities.

According to the bill, the Real Estate Transaction Analysis Institute will be established as an agency under the Ministry of Land, Infrastructure and Transport. It includes provisions for registration and reporting systems for real estate-related businesses, penalties for acts that disrupt real estate markets, and strengthened authority to request various information for investigations.

The government states that the institute will only monitor illegal real estate transactions, but since it can verify individuals' financial and transaction information, it effectively allows control over all real estate transactions.

In the market, there are concerns that even the free activities of online communities involving various groups such as real estate professionals and individuals could be stifled. In fact, the bill prohibits acts that influence housing prices through notices or online communities related to price collusion. Posting related content on social networking services (SNS) or restricting sales prices by apartment residents' associations could also be subject to regulation.

Individual online listings of real estate properties could also potentially become illegal. The bill prohibits registering false asking prices without genuine intent to transact or colluding on transaction prices through notices or online communities to unfairly influence market prices.

Even posting messages on online boards such as "Do not list properties below a certain price" is subject to punishment. Such collusion is punishable by up to two years imprisonment or a fine of up to 20 million won.

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