The Korean government has decided to monitor major areas such as the “Gangnam 4 districts” (Gangnam, Seocho, Songpa, and Gangdong) and “Mayongseong” (Mapo, Yongsan, Seongdong) after apartment prices in Seoul showed fluctuations following the lifting of land transaction permit zones.
Today (5th), the government held a “Real Estate Market and Supply Situation Task Force Meeting,” jointly chaired by Kim Beom-seok, the first vice minister of the Ministry of Economy and Finance, and Jin Hyun-hwan, the first vice minister of the Ministry of Land, Infrastructure, and Transport, with participation from the Ministry of Economy and Finance, the Ministry of Land, Infrastructure, and Transport, the Financial Services Commission, and the Seoul Metropolitan Government.
The government announced that concerns about localized housing price increases have been raised in some areas of Seoul. They plan to thoroughly monitor the housing market situation and household debt trends.
Additionally, while maintaining a consistent approach to managing household loans, the government will preemptively respond to prevent speculative and disruptive demand due to psychological unrest.
To this end, the government plans to crack down on market-disrupting activities by speculative forces. The Ministry of Land, Infrastructure, and Transport and the Seoul Metropolitan Government will jointly monitor transaction trends and conduct on-site joint inspections in major areas such as the Gangnam 4 districts and Mayongseong.
Furthermore, reports of price rigging and other disruptive activities to the real estate illegal activity reporting center of the Ministry of Land, Infrastructure, and Transport will be thoroughly investigated and addressed.
In order to prevent false reports aimed at inflating house prices and the submission of false funding plans, a focused investigation into unusual transactions in the Seoul area will be conducted from the 10th until June.
If illegal activities are confirmed, the government plans to preemptively block unfair practices by notifying the National Tax Service, the Financial Services Commission, local governments, and requesting investigations by the National Police Agency.
The government also stated that it will continue to monitor the housing market situation and respond sternly to any activities that disrupt the real estate market.