The city of Seoul announced on the 2nd that it will begin intensive inspections of illegal brokerage activities at real estate agencies around large apartment complexes scheduled for new occupancy starting in June. This measure aims to preemptively block activities that disrupt transaction order, such as price collusion and fake listings.
This inspection will focus on four large complexes scheduled for occupancy between June and July, including 3,307 units at Maplezai in Seocho-gu, 1,806 units at Huikyung Zai Decentia in Dongdaemun-gu, 827 units at Seodaemun Central I-Park in Seodaemun-gu, and 958 units at Lacherbo Prugio Summit in Seongdong-gu. These are all areas where large-scale new occupancy is planned and where illegal activities are likely to occur.
The city will conduct joint inspections with the Civil Affairs and Police Bureau, the Rapid Response Team, and the relevant district offices. Prior to the inspections, guidance documents containing violation cases and penalty regulations related to illegal activities will be sent to real estate agencies in each district to encourage preventive measures.
The inspection targets include collusion on house prices by owners or brokers, solicitation of gap investments related to development sites, fake listings, and exaggerated advertisements. If violations are confirmed, strong measures such as investigations and administrative actions will be taken. Minor issues will be handled with administrative guidance and corrective actions.
Additionally, the inspection will include cases of illegal collection and use of personal information due to excessive competition among agencies. Spam calls and text messages will be checked for violations of the Personal Information Protection Act and the Information and Communications Network Act, and reported to relevant agencies.
Last year, from the second half of the year, the city of Seoul inspected 119 real estate agencies in areas such as Gwanak-gu, Dongjak-gu, and Gangdong-gu, taking actions on a total of 56 suspicious cases, including investigation requests, fines, and administrative guidance.
Nam Joon Cho, head of Seoul’s Urban Space Headquarters, stated, “Disruptive market practices are becoming increasingly diverse,” and added, “We will strengthen the system to monitor even new types of illegal brokerages and respond with a zero-tolerance policy.”
