Jeonnam Province Launches Joint Precise Investigation of Real Estate Transactions in 4 Cities and Counties

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province is launching a detailed investigation into real estate transaction records.

On the 12th, the province announced that it will conduct a joint detailed investigation with four cities and counties suspected of speculative activities to establish a fair real estate transaction order.

The preliminary investigation has been completed, and the detailed investigation will be conducted from the 15th until June 30th.

This detailed investigation will focus on areas where excessive premiums have been attached due to the recent supply of newly built apartments and the involvement of outside speculative forces.

It will also investigate areas with a high possibility of false real estate reporting, such as the creation of double contracts at prices lower than the actual transaction price to reduce capital gains tax.

The investigation targets eight apartments in four cities and counties suspected of speculation: Suncheon, Gwangyang, Naju, and Muan. Mokpo and Yeosu, which are independently conducting focused crackdowns on real estate transaction practices, are excluded.

Sellers and buyers subject to the detailed investigation will be requested to submit explanatory materials.

The submitted materials include ▲transaction contracts, bankbook copies ▲transaction payment details such as account transfer records, and proof of funding such as gifts, real estate disposals, or loans.

If the explanatory materials are insufficient or not submitted, a second detailed investigation will be conducted.

Failure to comply will result in a fine of up to 30 million KRW. If violations are found during the investigation, the National Tax Service will be notified.

If the restriction on resale of pre-sale rights is violated, an immediate investigation will be requested, and voluntary reporting during the investigation process will result in a reduction of fines.

The province plans to take all measures, including imposing fines and notifying tax offices, upon detecting false reports or other activities disrupting the real estate market.

Additionally, with the cooperation of the Jeonnam branch of the Korea Association of Realtors, the province will focus on cracking down on outside speculative forces such as planned real estate investors to protect local genuine demanders.

Lim Chunmo, head of the Land Management Division of Jeonnam Province, said, “Through this detailed investigation, we will eradicate illegal practices related to real estate and establish a fair real estate transaction order.”

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