Cheong Wa Dae refuted claims today (September 22) that the government's full-scale investigation into farmland has led to a decrease in farmland transaction volume and falling prices in regional areas, saying they are not true.

Lee Young-soo, presidential secretary for agriculture, forestry and livestock, appeared on Cheong Wa Dae's online policy promotion YouTube program "Fact Mill" on the same day and stated, "While it is true that farmland prices are trending downward overall, it is not true to say that this is entirely due to the full-scale farmland investigation."

Secretary Lee pointed to the tightening of the Farmland Act following the 2021 farmland speculation scandal involving Korea Land and Housing Corporation (LH) as the fundamental cause of the drop in farmland prices.

He explained, "Farmland transaction volume this year increased by 2.2% compared to the same period last year, and while farmland prices fell by 4.4%, the decline has relatively narrowed compared to the average annual drop of 9% following the LH speculation scandal."

He also addressed concerns over whether farmers who have stopped farming for reasons of advanced age or health might be forced to sell their farmland due to this full-scale investigation.

Secretary Lee said, "If a person is 60 or older and has met the qualifications for at least five years, private leasing to relatives or acquaintances is permitted," adding, "Inherited farmland of less than 1 hectare (approximately 3,000 pyeong) can also be privately entrusted to friends or acquaintances."

He continued, "This full-scale investigation aims only to catch cases related to speculation," explaining, "Most farmers are not subject to this because only farmland that has been illegally leased or left fallow is defined as speculation."

Regarding the issue of non-performance penalties, he stated, "You can consider that these will only be imposed on speculative farmland."

Regarding claims from some quarters that "the government is forcing the sale of farmland to buy it at bargain prices," he strongly refuted them as "absurd stories verging on demagoguery."

He added, "If they do not want to sell, they do not have to sell. That is a decision for the farmers to make," and noted, "However, to ease the burden on those who wish to sell, we have secured a budget and are making preparations."

He also added that if the Farmland Bank purchases farmland, it will do so at market prices.

Secretary Lee reiterated, "I apologize for causing anxiety among farmers in the field," stressing, "From the beginning, the full-scale farmland investigation has been conducted under the principle of returning speculative farmland to farmers and improving the system to better reflect reality for the rest."

(Photo: Capture from Cheong Wa Dae YouTube "Fact Mill," Yonhap News)