Daejeon City Focuses Crackdown on Illegal Activities of Planned Real Estate

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City is taking measures to eradicate illegal activities in the local real estate market.

The city announced on the 8th that following a focused investigation into jeonse fraud damages and illegal activities by real estate agents in the first half of this year, it plans to conduct intensive crackdowns on speculative real estate in the second half.

From January to June, the city conducted inspections of real estate agencies and monitored real estate transaction reports, resulting in administrative actions against 23 cases of illegal activities.

Additionally, a full survey was conducted on 5,585 registered real estate agents in the area, identifying 35 unqualified individuals, who were subjected to administrative measures such as registration cancellation and employment termination.

In the real estate transaction reporting sector, continuous monitoring and detailed investigations uncovered 325 violations, leading to fines totaling 1.05 billion KRW.

The most common type of violation subject to fines was delayed reporting beyond 30 days from the contract date, followed by false reporting of transaction prices and other details.

The city plans to continue crackdowns to eradicate illegal activities in the real estate market in the second half of the year. It will focus on speculative real estate operating within various planned development areas, targeting indiscriminate brokerage activities such as so-called "land splitting" and illegal real estate brokerage practices.

Jang Il-soon, Director of the Urban Housing Bureau of the city, stated, “In the second half, the city will focus inspections on illegal activities such as share splitting in development areas within the jurisdiction and will take a firm stance against any violations.”