Sejong-si, Yeongi-myeon Re-designated as 'Land Transaction Permission Zone'

Location map of land transaction permission zones. Provided by Sejong City

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City announced on the 25th that Yeongi-ri and Botong-ri in Yeongi-myeon will be redesignated as land transaction permission zones.

Yeongi-ri and Botong-ri were originally scheduled to have their designation as land transaction permission zones expire on January 1 of next year.

However, with this redesignation, land in this area will be difficult to trade without permission from January 2, next year, until September 4, 2023 (for 1 year and 8 months).

Land transaction permission zones are designated areas to block speculative real estate transactions and prevent rapid land price increases.

The redesignation of the land transaction permission zones in Yeongi-ri and Botong-ri was finalized after a review by the Urban Planning Committee held earlier this month.

Accordingly, within the permission zones, land exceeding a certain area by land use district must be acquired only after obtaining permission for the land transaction contract prior to the transaction, as is currently practiced, and contracts made without permission will not be recognized as valid.

In particular, acquisition is blocked in cases such as speculative purchases by outsiders or when the purpose is not for direct use.

Meanwhile, Yeongi-ri and Botong-ri have been designated and operated as land transaction permission zones since 2019 and were selected as the government's 3rd public housing site at the end of August.

The city decided to redesignate and operate the area in line with the Ministry of Land, Infrastructure and Transport's designation of the surrounding public housing site area as a land transaction permission zone until September 4, 2023.

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