Gyeonggi-do Designates Speculative Areas as 'Land Transaction Permission Zones' for 2 Years

2.7㎢ of Forest Land in 14 Cities and Counties Including Suwon... 0.32㎢ Re-designated in Namyangju Wangsuk District

[Asia Economy Reporter Ra Young-cheol] Gyeonggi-do has designated 'Land Transaction Permission Zones' in areas of speculative concern to eradicate speculative activities by planned real estate investors.

Gyeonggi-do announced on the 21st that "the Urban Planning Committee held a meeting on the 17th and approved the designation of Land Transaction Permission Zones."

According to the province, 2.7㎢ of forest land in 14 cities and counties, including Suwon-si, has been designated as Land Transaction Permission Zones for two years from the 26th of this month until December 25, 2023.

Additionally, the Namyangju Wangsuk Public Housing District (formerly the 'Green Smart Valley' project area), covering 0.32㎢, whose designation period as a Land Transaction Permission Zone expires this month, has been re-designated until December 25, 2022.

The area of Saneung-ri and Jikgwan-ri in Jingeon-eup, Namyangju, selected for the 'Green Smart Valley,' covering 0.32㎢, was first designated as a Land Transaction Permission Zone in January 2015 and was re-designated in December 2018 upon incorporation into the Wangsuk Public Housing District.

The newly designated Land Transaction Permission Zones include 830,000㎡ of forest land in Eunhaeng-dong, Jungwon-gu, Seongnam-si, and 1,000,000㎡ of forest land in Jeokseong-myeon, Paju-si, totaling 63 parcels and 2.7㎢, slightly smaller than the area of Yeouido.

After designation as a Land Transaction Permission Zone, any sale of land exceeding a certain area (forest land over 100㎡) or transactions involving initial shared ownership even below the permitted area require approval from the relevant local government.

Violating this by concluding contracts without permission or obtaining permission through fraudulent means will result in imprisonment of up to two years or a fine amounting to 30% of the land price based on the individual publicly announced land price at the time of contract.

The province has designated areas of concern for planned real estate speculation as Land Transaction Permission Zones from March last year to June this year to prevent speculation where forest land, which is practically difficult to develop, is bought cheaply and then sold expensively through shared ownership by leveraging development prospects.

A Gyeonggi-do official stated, "We will continue preventive measures against real estate speculation, including expanding the designation of Land Transaction Permission Zones to fundamentally block planned real estate speculation," and urged, "Residents who have suffered from fraudulent acts by planned real estate investors are requested to report with relevant evidence attached."

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