Incheon Ranks 3rd Nationwide with 1,035 False Listings... Only 14% Corrective Actions Taken

Seogu Tops Incheon with 588 Cases... False Listings Surge 60 Times in 2 Years, Warning Lights On

[Asia Economy Reporter Kim Min-young] It has been revealed that Incheon has the highest number of suspected violations related to false real estate listings nationwide. In particular, in Seo-gu, where various development projects such as Cheongna, Lu-won, and Geomdan are being intensively promoted, the number of suspected cases surged 60 times in two years.

According to data received from the Ministry of Land, Infrastructure and Transport by Democratic Party lawmaker Heo Jong-sik, a member of the National Assembly Land, Infrastructure and Transport Committee, monitoring results from the Ministry’s Real Estate Advertising Market Surveillance Center show that the number of suspected false real estate listing violations in Incheon over the past three years totaled 1,035 cases. The number of suspected violations in Incheon skyrocketed from 42 cases in 2020 to 221 cases in 2021, and as of June this year, it recorded 772 cases, already surpassing last year’s total in just the first half of the year.

Nationwide, the number of suspected false listing violations reached 9,899 cases, with Seoul (3,190 cases) having the highest number, followed by Gyeonggi (1,117 cases) and Incheon (1,035 cases).

However, when converted to cases per 100,000 population, Incheon was found to have the highest rate at 26.1 cases. Even looking only at the first half of this year, the region with the largest increase in false listings nationwide (4,932 cases) was Seoul (1,078 cases), followed by Incheon (772 cases).

By district, Seo-gu had the highest number with 588 cases, followed by ▲Bupyeong-gu 135 cases ▲Gyeyang-gu 110 cases ▲Namdong-gu 85 cases ▲Michuhol-gu 76 cases ▲Yeonsu-gu 29 cases ▲Jung-gu 4 cases ▲Ganghwa-gun 2 cases ▲Dong-gu 6 cases. Ongjin-gun had zero suspected violations over the past three years.

The problem is that even when suspected false real estate listings are reported to the system, it is rare for this to lead to corrective actions at the local government level.

False real estate listings are monitored by the Korea Internet Advertising Foundation and the Korea Real Estate Board based on reports received from the internet (transaction platforms, blogs, internet cafes, etc.). The Ministry of Land, Infrastructure and Transport then compiles this information and notifies the city/provincial governors and registration authorities (local governments), requesting investigation and action. The authority to impose penalties such as fines lies with the local governments.

However, of the 1,035 suspected false listing violations in Incheon over the past three years, only 170 cases?14% of the total?resulted in corrective actions by local governments.

Lawmaker Heo Jong-sik stated, "Since the revised Licensed Real Estate Agent Act came into effect last August, false real estate listings have been monitored more closely, but corrective actions by frontline local governments have not kept pace. Because false listings disrupt the real estate market and cause suffering for citizens seeking housing, local governments must actively intervene with crackdowns and measures in areas where false listings are rapidly increasing."

This content was produced with the assistance of AI translation services.