Seocho-gu Intensifies Crackdown on Speculation-Inducing Activities in Moa Town Development Area

'Real Estate Speculation Reporting Center' Established
Receiving Reports of Licensed Realtors' Violations Including Gap Investment Inducement

Seocho District Office building.

Seocho-gu, Seoul (Mayor Jeon Seong-su) announced on the 3rd that it will strengthen the continuous crackdown system by establishing a 'Real Estate Speculation Promotion Reporting Center' to prevent the influx of speculative forces in the Moa Town promotion area and to prevent resident damage caused by illegal real estate brokerage activities.

Seocho-gu prepared countermeasures as reports of speculation promotion due to inappropriate brokerage and promotional activities, such as inducing gap investments by misleading that the area is likely to be selected as a Moa Town target site or has already been selected and is being promoted, have increased.

The main target areas are Moa Town promotion areas within the district or areas showing abnormal real estate transaction movements. The district will establish a 'Real Estate Speculation Promotion Reporting Center' in the Real Estate Information Division to receive reports. When illegal brokerage activities by licensed real estate agents are reported, prompt on-site crackdowns and investigations will be conducted, and violators will be fined or the relevant information will be notified to related agencies. Abnormal real estate transactions such as share splitting will also be closely monitored.

Penalties for illegal brokerage activities will also be strengthened. If violations by licensed real estate agents related to Moa Town, such as spreading false information or inducing gap investments, are reported, aggravated penalties under the 'Licensed Real Estate Agents Act' will be imposed on the agents. False labeling and advertising of brokerage objects and real estate transaction trends will be monitored regularly to prevent the influx of speculative forces in advance.

Mayor Jeon Seong-su said, “We will strive to establish a transparent and fair real estate transaction order through this focused crackdown,” and added, “We will promote various real estate damage prevention support measures to protect the valuable property of residents.”