The Ministry of Land, Infrastructure and Transport (MOLIT) has flagged more than 10,000 online property advertisements suspected of violating the law after reviewing listings over the past year. The ministry urged consumers to be cautious, saying listings priced far above or below prevailing market levels are likely to be false.
MOLIT said on the 18th that it identified 10,412 suspected illegal advertisements through routine and targeted monitoring of online real estate listings between July last year and June this year. The cases were reported to the relevant local governments, which were asked to take follow-up measures including fines and referrals for investigation.
Among violations found through routine monitoring, the most common category was "improper labeling and advertising" — such as falsely describing a property's building use, floor area or included options — with 5,201 cases, or 55.4%. That was followed by 3,753 cases, or 40%, of failing to disclose mandatory information such as the property's location, and 429 cases, or 4.6%, of advertising by people not licensed as practicing real estate brokers.
In one case, a property was presented online as a detached house, but a check of the building register showed it was lodging accommodation. Other cases involved neighborhood facilities or office buildings advertised as multi-household, detached or multi-unit housing, leading consumers to mistake non-residential buildings for homes. Misrepresentation of legal claims on properties was also found. One listing stated there were no loans against the property, while the certified copy of the register showed a mortgage of 1.2 billion won ($870,000).
To help prevent damage from such violations, MOLIT advised buyers and tenants to verify before signing a contract that the listing information posted online — building use, floor area, loans, location and whether the structure is in violation of building codes — matches public records such as the building register and the certified copy of the property register. It also called on consumers to confirm whether the person posting the advertisement is a licensed practicing broker by checking with the relevant local government or through the brokerage lookup service on the V-World platform. The ministry further asked the public to report suspected illegal labeling or advertising of online listings through its integrated reporting center for illegal real estate practices.
Shin Yun-geun, director general for land policy at MOLIT, said the ministry "will continue to strengthen monitoring of false and exaggerated real estate advertising and do its utmost to create a transparent real estate market where anyone can transact with confidence."
