Seoul City and Ministry of Land Share Real Estate Transaction Information to Combat Jeonse Fraud

The Seoul Metropolitan Government and the Ministry of Land, Infrastructure and Transport have agreed to share real estate transaction information to proactively respond to disruptive activities in the real estate market, such as jeonse fraud and "empty jeonse" cases.

Yu Chang-su, Deputy Mayor for Administration 2 of Seoul, speaking at the 1st Central-Local Regular Council Meeting

They will also strengthen policy cooperation to alleviate congestion on the Gimpo Gold Line through lane expansion, additional bus deployment, and traffic signal system improvements.

On the 26th, Seoul announced that it held the "1st Central-Local Regular Council" with the Ministry of Land, Infrastructure and Transport to address joint issues related to housing, urban development, and transportation in Seoul and the metropolitan area.

The two agencies decided last month to regularly operate a policy council to explore cooperation on policy issues, and held the first high-level meeting on this day. The meeting was chaired by Yoo Chang-soo, Seoul’s Deputy Mayor for Administration, and Lee Won-jae, the 1st Vice Minister of the Ministry of Land, Infrastructure and Transport.

The meeting focused on agenda items including sharing real estate transaction information and managing congestion on the Gimpo Gold Line.

First, to reduce damages from jeonse fraud and empty jeonse cases, which have recently been occurring intensively in the metropolitan area, and to proactively respond to disruptive activities in the real estate market, the Ministry of Land, Infrastructure and Transport agreed to provide real estate transaction information regularly. Seoul will utilize the shared data for reporting and investigating jeonse fraud and for establishing housing policies.

In the long term, the Ministry plans to actively promote amendments to related laws to grant metropolitan governments such as Seoul the authority to investigate abnormal transactions, like those involving "Villa Kings," in order to detect such irregularities in advance and prevent damages.

They also plan to closely cooperate to alleviate commuting congestion on the Gimpo Gold Line section.

Starting with the operation of the "Bus-only Lane from Haengju Bridge South End to Gimpo Airport Station," which opened on the day of the meeting, discussions were held on lane expansion and traffic signal improvements at bottleneck sections such as Gaehwa-dong Road, additional deployment of city and metropolitan buses, and demand-responsive transit (DRT) services to disperse demand on the Gimpo Gold Line.

At the council, Lee Won-jae, 1st Vice Minister of the Ministry of Land, Infrastructure and Transport, said, "Policy cooperation with Seoul is just beginning, and based on close mutual collaboration going forward, we plan to swiftly and efficiently address issues such as alleviating transportation inconveniences in the metropolitan area and stabilizing the metropolitan real estate market."

Yoo Chang-soo, Seoul’s Deputy Mayor for Administration, stated, "Despite being the first regular council meeting, we were able to quickly and smoothly discuss current issues, and I expect the council to play a significant role in solving challenges faced by Seoul and the metropolitan area in the future. We will also cooperate on major tasks such as the timely opening of GTX for the residents of not only Seoul but the entire metropolitan area."

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