This file photo taken Nov. 25, 2020, shows apartment complexes in Songpa, eastern Seoul. (Yonhap)
SEOUL, March 3 (Korea Bizwire) — A large number of high-priced apartment transactions using legally dubious methods have been uncovered.
The Ministry of Land, Infrastructure and Transport said Wednesday it had investigated transactions of high-priced apartments with a value of more than 900 million won (US$747,630) made during the period from March 2020 to June 2021 and uncovered a total of 3,787 cases in which legally suspicious methods were used.
Of the total, 2,248 cases involved suspected illegal transfers of properties. Among them, buyers in their 30s accounted for 1,269 cases, followed by those in their 40s with 745 cases, those aged 50 and higher with 493 cases and those in their 20s with 170 cases.
A person in their 30s clarified the funding source for 1.35 billion won in the fund-raising plan when he purchased an apartment for 7.75 billion won in Yongsan District in Seoul.
However, the person failed to present plausible explanations for the remaining funds.
There were some cases where teenagers were involved in the unlawful transactions.
A five-year-old child and a 17-year-old teenager purchased high-priced apartments after receiving 500 million won and 1.4 billion won from their parents through illegal transfers.
Among the legally suspicious transactions, Gangnam District accounted for the largest share with 361 cases, followed by Seocho District with 313 cases, Seongdong District with 222 cases, Bundang District in Gyeonggi Province with 209 cases and Songpa District with 205 cases.
Ashley Song (ashley@koreabizwire.com)
