Incheon Free Economic Zone Authority Requests Investigation into Alleged Price Fixing in Songdo International City Housing Market

Panoramic View of Songdo International City [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The Incheon Free Economic Zone Authority announced on the 7th that it has requested an investigation by the Yeonsu Police Station following a report to the Ministry of Land, Infrastructure and Transport regarding price-fixing activities in the housing market of Songdo International City.

Previously, the Ministry's Real Estate Transaction Order Disruption Reporting Center received a report stating, "Members of real estate apps are openly posting content on bulletin boards encouraging under-the-table contracts, raising concerns about harm to residents attempting legitimate transactions."

Price-fixing activities conducted through online cafes and other internet communities constitute disruption of real estate transaction order, and if caught, offenders may face up to three years imprisonment or fines up to 30 million KRW under the Licensed Real Estate Agents Act.

An official from the Incheon Free Economic Zone Authority stated, "To create a transparent real estate market environment, we will continue to request investigations into covert price-fixing activities occurring in online cafes and elsewhere," adding, "We will also cooperate with Yeonsu District to guide and crack down on licensed real estate agencies."

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