T
he Seoul Metropolitan Government has taken administrative action against three foreign nationals who acquired real estate in land transaction permit zones but failed to use the properties as intended. The city government discovered the violations during a broader inspection campaign of 8,000 properties launched in late June. The initiative focused on 99 foreign acquisitions of domestic real estate, following previous cases of permit violations by foreign buyers.

    Two of the three cases involved purchasers who obtained land use permits claiming they would run their own businesses there, but no business activity was found during inspections. In another case, a residential permit was issued to a purchaser who claimed they would live in the property, but failed to provide documents proving residence. The city government conducted on-site inspections and left notices for owners who couldn't be verified.

    Those found to be in violation of their permits are issued a corrective order and must take action within three months. Noncompliance can result in fines and criminal charges. The city is also investigating illegal real estate brokering by unlicensed individuals, including a user known as "Gangnam Unnie" who allegedly solicits buyers through social media without a license.

    Seoul has expanded its joint inspection campaign to cover all 25 districts and investigate cases involving unlicensed brokers. The city is reviewing land-use compliance, sources of funds, and other irregularities as part of a crackdown on speculative transactions and market disruption. "We will take firm action against market-distorting behavior with no exceptions," said Cho Nam-joon, head of the Seoul Urban Space Policy Bureau.