Seoul City to Designate New Land Transaction Permission Zones in Apgujeong and Yeouido

Emergency Briefing Scheduled for 3:30 PM on the 21st
Earlier, Seoul Mayor Oh Se-hoon Stated "Real Estate Disruption Acts Will Not Be Tolerated"

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government recently designated major reconstruction complexes with continuously rising housing prices as land transaction permission zones.

Seoul announced that it will hold a press conference at 3:30 PM on the 21st to provide a briefing related to the designation of land transaction permission zones.

Since Mayor Oh Se-hoon's inauguration, housing prices have surged mainly in major reconstruction complexes such as Apgujeong and Yeouido, and this appears to be a measure to stabilize housing prices.

The new land transaction permission zones are expected to include major reconstruction complexes in Apgujeong-dong and Daechi-dong in Gangnam-gu, as well as Yeouido-dong in Yeongdeungpo-gu.

At the same time, the designation period for the current land transaction permission zones in Daechi-dong, Cheongdam-dong, and Samseong-dong in Gangnam-gu, as well as Jamsil-dong in Songpa-gu, is also expected to be extended.

Mayor Oh emphasized during a business report with the Housing Construction Headquarters on the 16th, "We will not tolerate actions that destabilize the real estate market," and instructed to immediately review the designation of land transaction permission zones in areas such as Apgujeong-dong, Gangnam-gu, where housing prices have recently surged.

Once designated as a land transaction permission zone, transactions of houses, commercial buildings, and land above a certain scale require approval from the mayor or district office head. Residential land must be used for actual residence only for two years, and sales and leases are prohibited. If a land transaction contract is concluded without permission, the offender may face imprisonment for up to two years or a fine of up to 30% of the land price.

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