On the 24th, the Ministry of Land, Infrastructure and Transport announced that from the 25th, registration information will be disclosed together with actual transaction prices for multi-family housing (apartments).
This measure was prepared to prevent ‘price inflation’ schemes, where real estate transactions are reported at high prices but contracts are canceled without ownership transfer.
Since January this year, the Ministry plans to pilot disclose the ‘registration date’ for ownership changes by linking Supreme Court registration information with nationwide multi-family housing (apartments) transactions. After reviewing operational performance and making necessary system improvements, the scope of disclosure will be expanded to include row houses and multi-unit houses from the first half of 2024.
Through this plan, by disclosing information on whether ownership transfer is completed after reporting transaction contracts, the reliability of actual transaction price reports will improve. It is also expected to prevent false real estate transaction reports in advance and reduce illegal cases such as failure to report contract cancellations and delays in registration applications.
Won Hee-ryong, Minister of Land, Infrastructure and Transport, stated, "Since disclosed real estate transaction information can significantly affect market prices, it is necessary to verify whether all reported transactions have been completed with ownership transfer registration." He added, "We will continue to establish a sound and transparent real estate transaction order by conducting continuous monitoring and investigative analysis of suspicious illegal transactions that disrupt the market, ensuring strict enforcement according to relevant laws."
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