Real estate agent A reported in June last year that he had purchased his sister-in-law’s apartment for 315 million won in her daughter’s name. At the time, the market price was 2.4 million won. However, three months later, he reported that the transaction was cancelled, and two months later he reported that he had bought this apartment for 350 million won in his son’s name. A month later, in December of the same year, it again reported that the transaction had been cancelled. It was after he sold this apartment to his client for 350 million won. The Ministry of Land, Infrastructure and Transport reported that Mr. A was doing so-called ‘floating real transactions’ in an attempt to profit from market prices, and requested the police to investigate.
The Ministry of Land, Infrastructure and Transport announced on the 22nd that it had caught 12 cases of floating transactions suspected of being bicycling (buying and selling among acquaintances such as family members) or false reports. This is the result of a full investigation of 710,000 apartment transactions from February last year, when real estate transaction reporting was mandatory, to the end of last year. Among the 710,000 cases, the Ministry of Land, Infrastructure and Transport intensively investigated 821 cases in which a specific person repeatedly engaged in high-value transactions in a regulated area and then canceled the report.
However, it is pointed out that the number of cases detected is too small compared to the government’s extensive crackdown on this investigation, citing the rise in real transaction prices as the main culprit of the rise in house prices. The explanation is that the government attribute the failure of the real estate policy to some market disturbances. On the 21st, Hong Nam-ki, Deputy Prime Minister of Economy and Minister of Strategy and Finance, said, “(Speculators) are manipulating the market price using false transaction reports, etc.”
In fact, the Ministry of Land, Infrastructure and Transport conducted an intensive investigation for about five months after the ‘floating real transaction price’ became controversial at the beginning of this year, but the 12 cases discovered this time account for only 0.0017% of the total transactions. Market disturbance should be regulated, but it is not the root cause of the rise in house prices. Regarding this, the Ministry of Land, Infrastructure and Transport said, “After the bicycle transaction came out, it was confirmed that the actual transaction price of the complex increased.” “The need for investigation is large as the ripple effect is large.” In addition, the Ministry of Land, Infrastructure and Transport also discovered 2,420 transactions that reported transactions out of 710,000, but did not apply for ownership transfer registration even after 60 days of the balance payment date. The Ministry of Land, Infrastructure and Transport explained that there is a possibility of △false transaction report △ omission of cancellation report after contract cancellation △ normal transaction but omission of registration. Reporter Lee Saesam [email protected]Go to press page>
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