"Strict Crackdown on Price Collusion"... Seoul to Inspect Illegal Brokerage Activities in New Apartment Complexes

Inspection of Four Complexes Including Maple Xi
Crackdown on Unregistered Brokerage and False Listings

On June 2, the Seoul Metropolitan Government announced that it will conduct a proactive inspection of illegal brokerage activities targeting large apartment complexes scheduled for occupancy, in order to establish a transparent real estate transaction order.

The inspection will cover four locations: Seocho-gu Maple Xi (3,307 units), Dongdaemun-gu Hoegyeong Xi Decencia (1,806 units), Seodaemun-gu Seodaemun Central I-Park (827 units), and Seongdong-gu Lacherbo Prugio Summit (958 units), which is scheduled for occupancy in July.

This inspection will be conducted jointly by the Rapid Response Team for Real Estate Illegal Activities, the Civil Affairs Investigation Police Bureau, and the respective district offices. Prior to the full-scale inspection, the city plans to guide local brokerage offices on major violations and penalties and encourage self-regulation efforts.

On-site inspections will focus on several issues: price collusion by owners or brokers; speculative activity (such as inducing gap investment in areas slated for development like Rapid Integrated Planning or Moa Town); and activities disrupting transaction order, such as false listings and exaggerated advertisements. For minor violations, corrective measures and administrative guidance will be provided concurrently. In cases where illegal activities are confirmed, the city plans to take strict action through investigation.

In addition, cases of violations of the Personal Information Protection Act and the Information and Communications Network Act, such as spam calls or text messages using illegally obtained personal information, will also be investigated and reported to the relevant authorities if violations are found.

Cho Namjun, Director of the Seoul Urban Space Headquarters, stated, "We will closely monitor even new types of illegal brokerage activities and respond firmly in accordance with a zero-tolerance policy to establish a transparent real estate market order."