The Seoul Metropolitan Government announced on the 21st that it has activated a 'real estate illegal activity rapid response team' and has checked whether foreign acquisitions of domestic real estate and unregistered real estate brokerage activities comply with the purposes of land transaction permits.

(Seoul=News1) Reporter Park Ji-hye = On the 18th, a foreign tourist visiting Namsan in Seoul looks at a downtown apartment complex. Recently, it is confirmed that the level of housing price polarization in Korea has surpassed China to rank first among major countries. The polarization of housing prices has inflated the cost of living in Seoul to be up to 5 times higher compared to other regions, limiting consumption, while increasing credit risk outside the capital area. On this day, the Bank of Korea reviewed the inflation situation for the first half of the year, stating this regarding the impact of housing market polarization in Korea on prices. 2025.6.18/News1

The Seoul Metropolitan Government conducted on-site inspections targeting 99 properties owned by foreigners out of a total of about 8,000 cases that are obliged to use real estate acquired through land transaction permits according to the original purpose of the permit.

As a result of the on-site inspections, three cases were found that were not being used according to the permit purpose at the time of acquisition.

Two locations that were permitted for 'self-management' purposes such as interior work and office use were confirmed not to be engaging in commercial activities, while one case that was permitted for residential purposes did not submit the required documents, prompting compliance orders.

If a 'compliance order' is issued for failing to comply with the utilization obligation according to the land transaction permit purpose, corrective measures must be taken within three months in alignment with the permit purpose. Failure to do so may result in the imposition of a compliance enforcement fine (once a year) and potential criminal charges.

Meanwhile, the Seoul Metropolitan Government received a report about an individual operating under the nickname 'Gangnam Unnie' in a real estate community, suspected of unregistered real estate brokerage activities, and has requested an investigation from the Seoul Metropolitan Government's Civil Affairs Investigation Division. According to the report, Gangnam Unnie has been soliciting buyers via social media without real estate agent qualifications and has been identified as possibly receiving commissions in connection with specific licensed real estate agents.

Starting this month, the Seoul Metropolitan Government is operating a 'joint investigation into abnormal real estate transactions and post-transaction utilization status' in collaboration with local governments and the Ministry of Land, Infrastructure and Transport, and has expanded the frequency of inspections to three times a week or more to enhance effectiveness. This joint investigation checks the compliance with land transaction permit obligations and details of funding.

Jo Nam-jun, head of the Seoul Urban Space Headquarters, said, 'The Seoul Metropolitan Government will continue to respond strongly, without exception, to disruptions in the market through investigations of cases that are not being used in accordance with the original land transaction permit purposes and checks on illegal brokerage activities,' adding, 'We will continue on-site inspections and administrative guidance to foster a trusted real estate market culture.'

※ This article has been translated by AI. Share your feedback here.