Suwon Gosaek-dong Area of 91,964㎡ Designated as 'Land Transaction Permission Zone'

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will designate 91,964㎡ of land in Gosaek-dong, Suwon City, a candidate site for the government's public maintenance project, as a land transaction permission zone.

Gyeonggi Province announced on the 4th that it will designate the area around 88-1 Gosaek-dong, Suwon City, one of the 17 sites selected last month on the 29th as candidates for the Ministry of Land, Infrastructure and Transport's '3080+ Private Proposal Integrated Contest,' as a land transaction permission zone from the 9th of this month until November 8, 2023.

The province explained that it designated the land transaction permission zone in consultation with the Ministry of Land, Infrastructure and Transport, judging that speculative demand aiming for various incentives of the public maintenance project, such as increased floor area ratio, would flow in.

In a land transaction permission zone, transactions of houses, commercial buildings, land, etc., above a certain scale require permission from the mayor or county governor.

Also, if a land transaction contract is concluded without permission, imprisonment for up to two years or a fine of up to 30% of the land price will be imposed.

In the case of residential land, sales and leases are restricted for two years and must be used only for actual residence.

The province plans to maximize the purpose of the land transaction permission zone system, which is 'speculation suppression,' by strengthening the area of residential land requiring permission to 10% (18㎡) of the minimum standard area (over 180㎡) under the Enforcement Decree of the Act on Real Estate Transaction Reporting, etc., which is the lowest level.

A provincial official emphasized, "With the selection of the public maintenance project candidate site, investors' interest is concentrated, and speculative transactions in the area may become rampant. We will respond closely according to market conditions to stabilize the real estate market."

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