SEOUL, Oct. 14 (Yonhap) -- Police have rounded up 39 people for illegally trading housing subscription savings accounts, a key requirement for apartment applications, as part of an ongoing crackdown on real estate speculation, officials said Wednesday.
In South Korea, many newly built apartments are sold to housing subscription savings account holders through lottery weighted by various factors, such as how long they have been living without owning homes, how many dependents are in their families and how long they have been holding housing savings accounts.
The accused brokers purchased accounts with high winning potential for 30 million (US$22,340) to 50 million won each between March 2024 and 2025, and after successfully winning apartment purchase rights, they resold them at a premium in violation of the Housing Act.
Violators face up to three years in prison or a fine of up to 30 million won, along with the cancellation of their housing contracts and forfeiture of their down payments.
Kim Yong-soo, second vice minister for government policy coordination, presided over a meeting Wednesday of the committee on real estate speculation and asked authorities to thoroughly inspect potential illegalities in apartment redevelopment or reconstruction projects to protect innocent applicants.
Kim Yong-soo, second vice minister for government policy coordination, speaks during a meeting on real estate speculation in this Nov. 3, 2025, file photo. (Yonhap)
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