▲ This file photo, taken June 30, 2026, shows apartment complexes in Dongtan Ward, Hwaseong, south of Seoul. The government designated Dongtan, Giheung Ward in Yongin and Guri, all in Gyeonggi Province, as speculative zones subject to tighter lending rules, following a sharp rise in home prices in the areas. (Yonhap)

real estate-speculation

58 under investigation for suspected real estate speculative acts in Dongtan

SEOUL, July 14 (Yonhap) -- Fifty-eight people are under investigation, with four others referred to the prosecution for possible indictment and another three booked for probes on charges of using illicit means when applying for apartment purchases in the newly developed township of Dongtan, south of Seoul, officials said Tuesday.

They are accused of employing illegitimate means, such as falsely shifting the addresses of non-cohabiting family members and registering elderly parents as fake dependents in an attempt to boost their eligibility and chances of winning the highly competitive right to buy apartments in Dongtan 2 New Town, officials said.

The real estate oversight team under the Prime Minister's Office announced the results of its efforts to crack down on real estate market-disturbing acts -- one of President Lee Jae Myung's key agenda items -- and discussed measures to strengthen the clampdown.

"Real estate market-disturbing acts, such as illicit applications and rigging home prices, amount to depriving those in real need of homes of chances to buy homes," said Kim Yong-soo, second vice minister for government policy coordination, who is in charge of the crackdown.

"Related agencies should work closely together to conduct thorough investigations and go after violators to the end and deal sternly with them."

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