Incheon City Designates Land Transaction Permission Zone Around Guwol 2 Public Housing District

Land Transaction Permission Zone Around Guwol 2 District, Incheon [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] On the 16th, Incheon City announced that it has designated the surrounding areas as land transaction permission zones to prevent real estate speculation related to Guwol 2 District in Namdong-gu, which was designated as the government's 3rd new public housing site last month.

The designated areas include six neighborhoods covering 13.91㎢: Gwankyo-dong and Munhak-dong in Michuhol-gu, Seonhak-dong in Yeonsu-gu, and Guwol-dong, Namchon-dong, and Susan-dong in Namdong-gu.

Accordingly, when trading land above a certain scale in these areas, permission must be obtained from the head of the relevant district office. Additionally, the land must be used according to the approved purpose, such as actual residence or actual business operation, for a certain period.

The land transaction sizes requiring permission are as follows: over 180㎡ in residential areas, 200㎡ in commercial areas, 660㎡ in industrial areas, 100㎡ in green areas, and 90㎡ in undesignated areas.

Earlier, the government announced the locations for 140,000 new public housing units as part of the 3rd new public housing sites. In Incheon, 18,000 units are planned to be supplied on a 2.2 million㎡ site in Guwol-dong and Susan-dong, Namdong-gu, after 2026.

Meanwhile, including this new designation, Incheon City is currently designating and managing land transaction permission zones covering a total of 29.19㎢ across four areas.

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