Ulsan 'Yulhyeon District' Designated as a Land Transaction Permission Zone

Designation of Land Transaction Permission Zone for Yulhyeon District Project Site in Cheongnyang-eup, Ulju-gun
From July 15, 2020 to July 14, 2025, for 5 years

Area requiring approval when entering into a land transaction contract.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The site of the Ulsan ‘Yulhyeon District Urban Development Project’ will be designated as a land transaction permission zone starting from the 15th. This area is a concern for real estate speculation rather than actual demand, marking the second such designation this year following the site of the modernization project for the agricultural and marine products wholesale market in Cheongnyang-eup, Ulju-gun in January.

On June 25, Ulsan City held a review by the Ulsan City Urban Planning Committee and announced on the 9th that an area of 516,651㎡ (697 parcels) near Ulju-gun Office and the agricultural and marine products wholesale market site in Cheongnyang-eup, Ulju-gun will be designated as a land transaction permission zone for five years from July 15, 2024, to July 14, 2025.

This measure aims to establish a rational land use plan for the ‘Yulhyeon District Urban Development Project’ site and to prevent real estate speculation and rapid land price increases. It is designated as a land transaction permission zone in accordance with Article 10 of the ‘Act on Reporting and Inspection of Real Estate Transactions.’

An official from Ulsan City stated, “Due to concerns about speculative transactions and rising land price expectations following the project promotion, the area has been designated as a land transaction permission zone. For smooth project progress, any land transaction exceeding a certain area must receive permission for the land transaction contract from the Ulju-gun governor, and land acquisition is only allowed for actual demanders.”

This content was produced with the assistance of AI translation services.