Photo : YONHAP News
The government on Sunday launched its first nationwide investigation into farmland ownership as part of efforts to curb real estate speculation.
The Agriculture Ministry said it will carry out the two-year investigation with local governments to root out farmland speculation and build a comprehensive database.
Authorities will first review farmland acquired after January 1996, when the current Farmland Act took effect, before conducting in-depth probes into properties suspected of speculation or violations.
Investigators will check whether the land is being cultivated and use satellite and aerial imagery, along with artificial intelligence analysis, to identify illegal facilities.
Beginning in August, officials and farmland inspectors will be dispatched to areas requiring land transaction permits, as well as properties owned by foreigners and corporations, for closer examination.
South Korea’s Constitution restricts farmland ownership to those engaged in farming, and the Farmland Act also strictly limits acquisition and possession.