The Seoul Metropolitan Government announced on the 3rd that it has detected a total of 32 suspicious transactions after conducting on-site inspections of real estate transactions in collaboration with the Ministry of Land, Infrastructure and Transport and local districts last March. The city will collect statements from transaction parties and certified brokers, along with financial transaction records for the 32 suspicious transactions, to examine whether the reported transaction contents match the actual transaction records.
Classifying the suspicious transactions by type, there are ▲8 cases of indirect donations ▲10 cases of excessive borrowing funds ▲1 case of false reporting ▲13 other cases. In this inspection, the Seoul Metropolitan Government investigated price collusion, false reports aimed at inflating prices, and false advertising of listings. Authorities plan to immediately inform related agencies such as the Financial Services Commission, National Tax Service, and Korean National Police Agency as soon as the facts are verified.
In one case, Mr. A was found to have constructed his funding for an apartment purchase of 1.8 billion won, excluding a rental deposit of 900 million won, with 800 million won of his own funds, of which 100 million won was identified as borrowing funds, prompting a detailed investigation.
Moreover, Ms. B is under investigation for using high-amount credit loan funds to purchase an apartment located in a speculative overheating zone, potentially misusing the loan for purposes other than intended. Evidence has also emerged that false information was disseminated to induce collusion in housing prices, suggesting that a reported transaction had set a new record within the apartment complex using community apps.
The Seoul Metropolitan Government believes that there is a high possibility of speculative forces flowing into local districts outside the designated land transaction permission areas. Therefore, it aims to promptly detect suspicious transactions through pre-emptive inspections.
Jo Nam-jun, head of the Urban Space Headquarters of the Seoul Metropolitan Government, noted, "Concerns are growing over disturbances in the market as signs of overheating in the real estate market emerge. We will do our utmost to protect genuine buyers as a priority while establishing a transparent market transaction order."