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Seoul to set up body to crack down on illegal property transactions

All News 08:29 September 02, 2020

SEJONG, Sept. 2 (Yonhap) -- South Korea will set up a state organization to crack down illegal real estate transactions, Finance Minister Hong Nam-ki said Wednesday, as the government seeks to cool home prices.

The organization will be manned by officials from the land ministry, financial regulators, tax authorities, prosecutors and police, Hong said.

The government will soon draft a bill to establish the organization, which is aimed at "swiftly cracking down on illegal activities in the property market," Hong said.

Apartment prices in Seoul have shown signs of stabilizing since the government unveiled a set of measures to cool prices and supply more homes, Hong said.

Apartment prices in Seoul rose 0.01 percent in the final week of August, compared with an increase of 0.11 percent in the first week of July, Hong said.

In July, the government announced its toughest measures yet to rein in rising housing prices, as a series of steps, including tax hikes and loan regulations, failed to put the brakes on soaring home prices.

Last month, the government also announced it will supply 132,000 homes, including 110,000 homes in Seoul, in the capital city and neighboring areas by 2028 by easing restrictions on the construction of residential buildings.

The government will unveil details of a plan to supply 30,000 homes next week, Hong said.

Finance Minister Hong Nam-ki speaks at a meeting on the property market on Sept. 2, 2020. (Yonhap)

kdh@yna.co.kr
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