Speculators Caught Illegally Converting Farmland Near Osong Station into Residential Land

A brazen scheme by real estate speculators to illegally transform thousands of pyeong of farmland near Osong Station into lucrative residential land has been exposed, with prosecutors apprehending the culprits. This operation, described as a 'honeycomb' of illegally built 'farmer's houses,' exploited loopholes in agricultural laws to turn agricultural land into valuable building sites. The perpetrators, including a licensed real estate agent, are accused of borrowing farmers' names to obtain permits for constructing these houses, which allowed them to rezone the land. This allowed them to profit immensely, buying land at agricultural prices and selling it at significantly higher prices after the rezoning. The prosecutors highlighted that the speculators were motivated by the higher compensation values for developed land compared to farmland, and the potential for separate compensation for housing if the area was designated for urban development. Their gamble paid off when the area was indeed designated for urban development, making their illicit gains a reality. This case underscores a persistent issue of speculative real estate practices that undermine land use regulations and distort market values, particularly in areas slated for development.

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The suspects exploited the fact that in agricultural promotion zones, land use is restricted to agricultural production, but up to 660 square meters can be used for 'farmer's houses,' allowing the farmland to be converted into building sites.