Gwangju City Detects 9 Cases of Illegal Real Estate Speculation in Bongseon-dong and Suwan Districts

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 17th that since the 11th, it has been conducting intensive crackdowns on real estate speculation targeting brokerage offices in areas where real estate prices have surged, such as Bongseon-dong and Suwan District, and has identified 9 violations and plans to take administrative action.

The violations include one case of failure to keep a sales contract, one case of discrepancy between reported content and contract, and seven cases of omission in the real estate object confirmation and explanation document, totaling nine cases.

This joint crackdown by the city and district consists of two joint inspection teams with 12 members from the City Civil Affairs Judicial Police Division, Land Information Division, Nam-gu Land Information Division, and Gwangsan-gu Real Estate Cadastral Division, and will continue until the end of the year.

The crackdown was implemented following Mayor Lee Yong-seop's directive at the executive meeting on the 10th to strongly crack down due to concerns over soaring real estate prices and speculation caused by an increase in transactions by outsiders.

In particular, from September 1st to the present, the total number of sales transactions in the entire Bongseon-dong area was 378, of which purchases by outsiders excluding Jeonnam and Jeonbuk were confirmed as 14 cases from Seoul, 53 from Daegu, 12 from Gyeonggi-do, 6 from Gyeongsangnam-do, 20 from Gyeongsangbuk-do, 4 from Daejeon, 16 from Busan, 1 from Incheon, 6 from Ulsan, and 3 from Chungcheongnam-do, totaling 135 cases of outside investment.

Lee Yun-pil, head of the City Civil Affairs Judicial Police Division, said, “We plan to continue intensive crackdowns on real estate speculation and will separately investigate illegal resale and down transactions related to newly supplied apartments. We ask citizens to cooperate to avoid disadvantages by not engaging in illegal activities such as price manipulation by external forces, illegal resale of pre-sale rights, down transactions, or falsification of contracts.”

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