(Sejong = International News) Reporter Ahn Jong-won = The government will start an actual transaction planning investigation targeting cases in which corporations and foreigners intensively purchase apartments with a published price of 100 million won or less.
This is “the total transaction volume of low-priced apartments for about one year and two months from July 2020 to September 2021 was 246,000 transactions. We bought 10,000 cases (32.7%),” he added.
In order to protect end-users who may be harmed by an increase in transaction prices due to such acquisitions, a detailed analysis and investigation of the transactions of corporations and outsiders is necessary.
An investigation by the Ministry of Land, Infrastructure and Transport explained, “The real estate transaction analysis and planning team will conduct an intensive investigation of real transactions by January of the following year (for three months, if necessary, extended).”
As a result of the investigation, if it is found that related laws such as up/down contracts, expedient donations, and title trusts have been violated in the course of the transaction, relevant agencies such as the National Police Agency, the National Tax Service, and the Financial Services Commission will be notified and strict action will be taken.
Kim Hyung-seok, director of land policy, said, “We will use it to improve the system, such as discovering supplementary points through a detailed survey of the recent rapid increase in the number of low-cost apartment purchases by corporations.”
