'2.2 Billion Won Transaction' Never Happened... Seoul Housing Prices Shaken by Fake Record-High Posts

Spread of 'Record-High Price Posts' Without Actual Contracts Fuels Market Overheating
Concerns Rise Over Vicious Cycle of False Information Driving Up Asking Prices
Seoul City and Ministry of Land Vow Active Response to Market Disruption

As the Seoul real estate market continues to overheat, unverified 'record-high price posts' are spreading indiscriminately online, causing serious confusion in the market.

For example, there was recently a widely discussed claim in the industry that a 84-square-meter unit in 'Centras', one of the representative apartment complexes in Seongdong-gu, Seoul, had been traded for 2.2 billion won. However, it was confirmed that no actual contract had taken place.

According to the real estate industry on June 29, posts claiming "Centras 2.2 billion won transaction completed" have been rapidly circulating on real estate communities and social media. Located in Hawangsimni-dong, Centras is a large-scale complex with 2,529 units and is considered a landmark apartment in Wangsimni New Town. According to the Ministry of Land, Infrastructure and Transport’s official real transaction price disclosure system, the highest official price for this complex was 2 billion won, reported on the 3rd of this month. If the rumors were true, the price would have risen by 200 million won (10%) in less than a month, drawing significant attention from the market.

However, it was confirmed that this 'record-high transaction' was not real. According to real estate agencies in the Wangsimni area, the incident stemmed from a simple mistake. One agent explained, "It was a case of mistakenly pressing the 'transaction completed' button and re-entering the asking price as 2.3 billion won," adding, "No actual contract was concluded." The price, which was posted due to an input error, quickly spread through online communities as if it were a real transaction, creating a 'record-high illusion' in the market.

'Record-high price posts' are fueling the overheating of housing prices. Photo shows a real transaction notice at a real estate agency in Mapo, Seoul. Photo by Dongju Yoon.

The spread of such false information is further fueling the overheating of housing prices. According to the Korea Real Estate Board’s report on Seoul apartment price trends for the third week of this month, Seongdong-gu recorded a 0.99% increase compared to the previous week, the highest rate of increase nationwide. This is the largest weekly rise since statistics began in 2012. The upward trend that started in Seongsu-dong is now spreading to Oksu, Geumho, Haengdang, and Hawangsimni-dong. In some complexes, there have even been cases where sellers cancel contracts despite having to pay double the deposit as a penalty for contract termination. One agent expressed concern, saying, "There are almost no actual listings available, but sellers, stimulated by fake record-high prices or inaccurate information, are repeatedly raising their asking prices by tens of millions of won."

Such false information spreads online in the form of so-called 'batgeul' posts. Individuals write up and post information they have heard from local agents or based on estimates. Since actual transaction reports only need to be submitted within 30 days after a contract, it is difficult to immediately verify the authenticity, and this loophole is being exploited. Dozens of 'record-high price posts' are shared daily on real estate communities, and information with unclear transaction status is often accepted as actual prices. If this kind of information, which fuels overheated expectations, turns out to be false, it can undermine overall market trust and increase confusion between buyers and sellers.

The authorities are also aware of the problem. While it is difficult to monitor every piece of false information shared in individual communities or messenger chat rooms, they plan to actively respond to market-disrupting activities. The Seoul Metropolitan Government is strengthening crackdowns on illegal activities such as contract cancellations after registration or collusion among sellers, while the Ministry of Land, Infrastructure and Transport is receiving reports of price collusion or the spread of false information that disrupts real estate transaction order through the 'Real Estate Transaction Order Disturbance Reporting Center.' Anyone can file a report via the Clean Real Estate website or the integrated reporting center (1644-9782).