Gyeonggi-do Launches Real-Time Monitoring of Suspicious Transactions in Planned Real Estate

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has independently developed a 'real-time monitoring system' using the planned real estate transaction pattern (algorithm) and will immediately conduct a detailed investigation if signs of illegal speculative transactions are detected.

On the 13th, Gyeonggi Province announced that it has built and is operating a planned real estate real-time monitoring system with such functions on the real estate information website 'Gyeonggi Real Estate Portal.'

This system, developed independently by the province, is based on real-time transaction data received from the Korea Real Estate Board and others, and if it matches the province's planned real estate transaction pattern (algorithm), the province immediately initiates tracking.

The province's planned real estate transaction pattern (algorithm) comprehensively reviews whether there are share transactions, land use zones, whether the transaction amount is excessively inflated compared to the publicly announced land price, transaction frequency over time, etc., to determine illegal speculative transactions.

A typical case is inflating the price of land such as forest land within development-restricted zones, which is practically difficult to develop, to several times the publicly announced land price and selling shares to many people in a short period.

The province expects to detect suspicious transactions in real time with this system. Compared to receiving real estate actual transaction data from existing cities and counties and cross-checking, the investigation time is significantly reduced.

In fact, analyzing the transaction pattern (algorithm) of suspected planned real estate transactions from January to December last year, before the full operation of the real-time monitoring system, the province discovered 198 cases of suspected illegal transactions.

Through detailed investigations, the province identified 309 violators, including those who falsely reported real estate actual transactions. The province imposed fines totaling 248 million KRW on them and reported 11 cases of evading land transaction permits to investigative agencies.

For 26 cases suspected of unconfirmed transaction payments and illegal gifts, the province requested tax audits from the National Tax Service.

Going forward, the province plans to investigate not only real-time transactions but also past transaction records using the real-time monitoring system.

Additionally, the province improved the function to provide real-time location information for the planned real estate damage caution area guidance service previously offered on the Gyeonggi Real Estate Portal. It also plans to receive reports from victims and informants of planned real estate fraud through the 'Planned Real Estate Illegal Activity (Damage) Reporting Center' and regularly request investigations from investigative agencies.

A provincial official said, "We will confirm planned real estate illicit speculative transactions in real time and conduct intensive investigations," adding, "We will strive to establish a fair and transparent transaction order by administratively sanctioning illegal matters and reporting them to investigative agencies."

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