Prosecutors Join 'War on Real Estate Speculation,' Appoint Dedicated Prosecutors Nationwide for Strict Response

The prosecution has launched a crackdown on speculation and market manipulation, aligning with the Lee Jae-myung administration's "all-out effort" to stabilize real estate prices.

Prosecutors' offices across the country have been instructed to designate dedicated prosecutors and investigators for real estate speculation cases, and to apply strengthened case handling standards, including active indictment and seeking heavy fines.

The Supreme Prosecutors' Office recently issued a directive to all prosecutors' offices nationwide, ordering an active response to real estate speculation crimes.

The Supreme Prosecutors' Office explained that crimes disrupting real estate transaction order—such as price fixing, illegal brokerage activities, false transaction reporting, and fraudulent housing subscription applications—have been occurring frequently.

It also noted that crimes such as farmland speculation, corruption in reconstruction projects, and jeonse (lump-sum housing lease) fraud continue to persist, undermining the fairness and transparency of the real estate market.

In response, the Supreme Prosecutors' Office has ordered 60 district prosecutors' offices and branch offices nationwide to designate 206 dedicated prosecutors and investigators.

The plan is to establish a "responsible investigation system" where dedicated prosecutors and investigators are involved in all stages of case handling, including judicial control, indictment, and maintaining public prosecution whenever a real estate speculation case arises.

The Supreme Prosecutors' Office also instructed that for crimes with poor culpability, such as those aimed at illicit gains or involving false reporting, strengthened case handling standards should be applied to actively indict offenders and strictly respond by seeking heavy fines in court.

For licensed real estate agents involved in illegal activities, the prosecution will notify local governments of the illegal facts to ensure administrative measures, such as suspension or revocation of licenses, are taken.

To facilitate smooth investigations of real estate cases, the prosecution plans to establish a regular consultation system with the police and support investigation technique training for special judicial police officers under the Ministry of Land, Infrastructure and Transport and local governments.

Previously, President Lee Jae-myung stated at a cabinet meeting on July 14, "We will accelerate the great economic transformation by focusing all our efforts on stabilizing prices and real estate, which are directly linked to the lives of the people."

The government has established a Council for Responding to Illegal Real Estate Activities under the Office for Government Policy Coordination, where each ministry shares the status of investigations and probes into illegal real estate activities.

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.