60% of Gyeonggi Residents Support the Expansion of the Land Transaction Permission System

[Asia Economy (Suwon) = Reporter Lee Young-gyu] A survey found that 6 out of 10 residents in Gyeonggi-do support the expanded implementation of the Land Transaction Permission System.

According to a survey conducted by Gyeonggi-do on 1,000 residents aged 18 and over from the 13th to the 14th, 60% of respondents said they support the expanded implementation of the Land Transaction Permission System, which the province is considering to regulate speculative real estate transactions excluding actual residence purposes.

Also, 68% of respondents were aware of the Land Transaction Permission System. Among them, 33% said they 'have known about it for some time,' and 35% said they 'recently heard about it.' Regarding the Land Transaction Permission System, 59% responded that it is 'necessary for stabilizing the real estate market,' exceeding half. On the other hand, 37% said it is 'unnecessary due to excessive infringement on basic rights.'

Residents cited the biggest effect of introducing the Land Transaction Permission System as preventing excessive house price increases caused by speculation (26%). This was followed by expanding home ownership for the homeless and actual demanders (20%), and preventing concentration of real estate ownership among certain groups (19%).

Concerns about the implementation of the Land Transaction Permission System included the possibility of a balloon effect where speculative demand shifts to other areas if only some regions are designated (25%). Other concerns were fundamental infringement on the right to dispose of privately owned land (23%) and damage to the homeless and actual demanders due to a transaction freeze causing a shortage of jeonse (long-term lease) properties (18%).

Regarding the seriousness of real estate speculation, 78% responded affirmatively. Additionally, 76% said foreign speculation in domestic real estate is serious, and 74% said speculation by domestic and foreign corporations is serious.

In particular, 86% and 83% of residents said it is 'necessary' to strengthen regulations on speculative domestic real estate transactions by foreigners and corporations, respectively.

Gyeonggi-do Governor Lee Jae-myung stated on the 12th via SNS, "Land Transaction Permission System, we want to hear your opinions," indicating that he would gather residents' opinions on the Land Transaction Permission System.

The Land Transaction Permission System designates areas where speculative land transactions are rampant or land prices rise sharply as permission zones, requiring permission from the authority when making land transaction contracts within these areas. Under the current system, city and provincial governors can designate land transaction permission zones. As part of measures against planned real estate speculation, Gyeonggi-do recently designated Hyeondeok-myeon and Poseung-eup in Pyeongtaek City as land transaction permission zones.

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