Gwangju City Expands Crackdown on Illegal Real Estate Transactions to All Areas

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] The Gwangju Metropolitan City announced on the 29th that, following Bongseon-dong and Suwan District, it will form joint inspection teams with the five autonomous districts to expand crackdowns on illegal real estate transactions targeting areas with high purchases by outsiders such as Gwangcheon-dong and the Cheomdan District until the end of the year.

This is because it has been confirmed that outside investors are purchasing real estate throughout Gwangju, including Hwajeong-dong and Cheomdan 2 District.

Gwangju City plans to focus inspections on outside buyers in these areas and real estate agents who broker transactions, and will take strict measures against violations.

The main inspection targets include false reporting of actual transaction prices, unregistered brokerage activities, illegal acts by certified real estate agencies, and false listings on the internet.

Since the 11th, Gwangju City has formed joint inspection teams with Nam-gu and Gwangsan-gu to inspect 44 brokerage offices in Bongseon-dong and Suwan District, uncovering 24 violations and planning to take administrative actions.

The violations include one case of failure to keep sales contracts, six cases of discrepancies between reported information and contracts, and twelve cases of omissions in the brokerage object confirmation explanation documents, totaling 24 cases.

Lee Su-won, Director of the Land Information Division of the city, said, “Gwangju City will strictly respond to illegal activities that disrupt the real estate market to minimize damage to actual demanders and do its best to stabilize the real estate transaction market.”

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