8 Out of 10 Gyeonggi Residents Support Public Officials' Land Transaction Permit System and Real Estate Supervision Authority

[Suwon Ilbo=Park No-hoon Reporter] A poll shows that more than 8 out of 10 Gyeonggi residents support the implementation of a land transaction permit system for public officials and the establishment of a Real Estate Supervision Authority, a real estate market monitoring body.

Gyeonggi Province announced on the 24th that in a poll of 1,000 residents conducted on the 20th, 83% of respondents answered 'in favor' of the designation of land transaction permit zones targeting public officials under consideration by the province, and 82% answered 'in favor' of establishing a 'Real Estate Supervision Authority.'

In October last year, the province designated the entire 23 cities and counties of Gyeonggi as land transaction permit zones targeting foreigners and corporations.

The land transaction permit system for public officials refers to a measure whereby Gyeonggi Province civil servants and executives of Gyeonggi Housing & Urban Development Corporation (GH) undergo strict scrutiny when acquiring land.

The 'Real Estate Supervision Authority' refers to a monitoring body that manages and supervises various unfair practices in the real estate market, similar to the Financial Supervisory Service that oversees financial markets.

Both are measures being discussed as alternatives to prevent illegal real estate speculation.

Additionally, 88% of respondents viewed real estate speculation by Koreans as 'serious.'

This is a 10 percentage point increase from the August of last year survey result (78%), with 'very serious' responses particularly rising by 17 percentage points from 48% last year to 65%.

When allegations of real estate speculation by LH executives in the third New Town Project emerged early this month, Gyeonggi Province formed a comprehensive investigation team and launched investigations. The overwhelming majority of residents (90%) evaluated Gyeonggi Province's own comprehensive investigation as 'a good measure.'

The province is investigating land transaction status not only of Urban Housing Division and Gyeonggi Housing & Urban Development Corporation (GH) employees, their spouses, but also their direct ascendants and descendants, and siblings.

To prevent conflicts of interest in real estate policy decisions, 72% of residents 'agreed' with the 'blank trust system for real estate,' which prohibits high-ranking public officials from owning residences other than one residential housing unit for actual residence.

Regarding the 'high-intensity public sector real estate guidelines' implemented by Gyeonggi Province in July last year, 79% of residents answered it was 'a good measure.'

The province strongly recommends disposition of residences other than primary residences for civil servants of grade 4 and above and executives of public institutions, and reflects this in personnel decisions.

Gyeonggi Governor Lee Jae-myung requested on the 16th through social media (SNS) that the National Assembly 'proceed with amendments to the Public Officials Ethics Act to introduce a blank trust system for real estate and the enactment of the Real Estate Market Act containing provisions to establish a Real Estate Supervision Authority that monitors the real estate market like the Financial Supervisory Service.'

Governor Lee also stated, 'We will consider designating land transaction permit zones for public officials' and 'For civil servants and GH executives belonging to Gyeonggi Province and cities/counties, undergo strict scrutiny of land acquisition to preemptively block speculation.'

This survey was commissioned by Gyeonggi Province to K-Stat Research Co., Ltd., a polling firm, and was conducted on the 20th via telephone survey targeting 1,000 residents aged 18 or older in the province. The confidence level is 95% with a sampling error of ±3.1 percentage points. The response rate was 12.2%.