Gyeonggi-do to Lift 'Land Transaction Permission Zone' for Foreigners and Corporations on May 1

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will lift the designation of foreigner and corporate 'Land Transaction Permission Zones' in 23 areas within the province, including Suwon City, starting next month on the 1st.

This lifting measure follows the expiration of the designation period for foreigner and corporate Land Transaction Permission Zones on the 30th of this month.

The province initially designated these areas as Land Transaction Permission Zones for six months in October 2020 to block speculative housing acquisitions by foreigners and corporations. Subsequently, the designation was extended for one year in April last year.

The province explained that due to domestic and international economic uncertainties, rising loan interest rates, and various indicators reflecting recent housing market trends?such as fluctuations in the sales price index and sales supply-demand districts?showing a downward and stabilizing trend, and after reflecting the opinions of the designated areas, the Land Transaction Permission Zones have been lifted.

With this lifting, foreigner and corporate transactions of residential land can proceed without permission from the relevant market. The obligation to use land acquired with prior permission will also be removed.

A provincial official stated, "Even though the Land Transaction Permission Zones are lifted, due to the government's strengthened verification of foreign real estate transactions and measures to eradicate corporate speculative demand, housing speculation demand by foreigners and corporations is expected to remain limited."

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