Operation of Land Transaction Permission System Near 'Gangbuk 5 District' (Miasageori Station) in Gangbuk-gu

After Obtaining Permission for Land Transactions, Contracts Must Be Signed... Enforcement Orders and Penalties Imposed for Violations... Only Land Transactions for Actual Residence or Business Purposes Allowed

Near Miasageori Station, where Gangbuk District 5 is located

[Asia Economy Reporter Park Jong-il] Gangbuk-gu (Mayor Park Gyeom-su) will implement a land transaction permit system for Gangbuk 5 District, which has been selected as a candidate site for public redevelopment.

Gangbuk 5 District is a station area located near Mia Sageori Station (Exit 6) on Subway Line 4. The area covers 12,870㎡ (69 parcels) and was selected on the 14th as one of the pilot project sites for public redevelopment by the Ministry of Land, Infrastructure and Transport and Seoul City.

The land transaction permit system requires obtaining permission from the head of the local government in the jurisdiction before signing a land acquisition contract. It is usually implemented in areas where speculative demand is likely to inflow, with the purpose of allowing only land transactions for actual residence or business use.

The permit period is valid until January 25, 2022, and can be re-designated annually.

The areas subject to permit are land parcels exceeding ▲ 18㎡ in residential areas ▲ 20㎡ in commercial areas ▲ 66㎡ in industrial areas ▲ 10㎡ in green areas ▲ 9㎡ in areas without designated use zones.

According to the Act on Reporting and Inspection of Real Estate Transactions, there is an obligation to use the land for the permitted purpose within a certain period. Violation results in a first order to comply, and if not followed, a penalty for enforcement is imposed. In particular, residential land must be used only for actual residence for two years, and sale or lease is prohibited.

Additionally, those who enter into land transaction contracts without permission face imprisonment of up to two years or a fine up to 30% of the land price.

For more details, check the Land Use Regulation Information Service (LURIS) or contact the Real Estate Information Division of Gangbuk-gu Office.

Park Gyeom-su, Mayor of Gangbuk-gu, said, “The land transaction permit system is meaningful in creating a real demand-centered real estate market order,” and added, “Residents planning to conduct land transactions in the designated area are asked to actively cooperate so that the permit system can be established.”

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