Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Real estate YouTubers face scrutiny
A YouTuber gives a lecture on the real estate market in this captured image. Courtesy of YouTube
By Lee Min-hyung
By Lee Min-hyung
With a growing number of people jumping on the speculation-ridden housing market, experts advise investors to pay sharp attention to “indiscriminate and unreliable” information shared by YouTubers.
They said investors will be more and more vulnerable to sensational content uploaded by some unprofessional YouTubers. On top of that, the online broadcasting platform is widely seen as a legal blind spot where few legal regulations are applied, while freedom of speech is guaranteed, according to experts.
“For now, it is de facto impossible for government authorities to punish those who encourage real estate speculation on YouTube, as no legal grounds are established when it comes to the online platform,” Kwon Dae-jung, a professor of real estate studies at Myongji University, said Sunday.
“On top of that, the government will be in a growing dilemma over how to introduce legal means of regulations against such YouTubers, as they will claim their content is simply predictions based on freedom of speech.”
Government authorities also keep urging investors not to fall victim to one-sided and biased opinions by non-experts.
On Dec. 24, the state-run Korea Housing Institute delivered a warning message against the phenomenon.
“The spread of indiscriminate information as well as market distortion is deepening on YouTube,” it said in a statement.
YouTubers can deliver false messages to the market by distorting statistical data released by the government and research organizations, according to the authority.
“Even if YouTubers analyze such data independently and share their ideas on their channels, it cannot be deemed illegal,” the professor said. “Investors should not be swayed by some deceptive content, and consult with experts before making large investments in the real estate market.”
This came at a critical time when the government has declared an all-out war against housing market speculation.
President Moon Jae-in, who took office in May 2017, has introduced dozens of real estate regulations to curb surging apartment prices in Seoul.
But most of the regulatory packages failed to reap fruit and only added to market confusion by raising apartment prices sharply in the capital and its southern satellite cities.