Re-designation of 120㎢ 'Land Transaction Permission Zones' in Forest Areas of 21 Cities and Counties Including Siheung-si, Gyeonggi-do

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has redesignated 120㎢ of forest land in 21 cities and counties, including Siheung-si, as a 'Land Transaction Permission Zone' to prevent speculative activities by planned real estate investors.

The province recently held an urban planning committee meeting and announced on the 29th that it reviewed and approved a plan to redesignate 120㎢ of forest land, whose land transaction permission zone designation was set to expire on the 3rd of next month, as a land transaction permission zone for one year from the 4th of next month until July 3, 2023.

Previously, in June 2020, the province designated 211㎢ of forest land in 21 cities and counties including Siheung-si, and 0.7㎢ of redevelopment and reconstruction project areas in Deogyang-gu, Goyang-si, as land transaction permission zones for two years to prevent speculative activities by planned real estate investors and concerns over speculative transactions related to redevelopment promotion projects.

Among these, 91㎢ of forest land for which the respective mayors and county heads requested removal from the permission zone citing no speculation concerns, and the 0.7㎢ redevelopment and reconstruction project area in Deogyang-gu, Goyang-si, which caused inconvenience in exercising property rights, will be removed from the permission zone starting July 4. The remaining part of the forest land (120㎢) in 21 cities and counties including Siheung-si was decided to be extended for one year considering ongoing speculative activities by planned real estate investors.

Since the designation of the land transaction permission zone, any land transaction exceeding a certain area (forest land over 100㎡) requires permission from the competent mayor or county head.

Those who enter into contracts without permission or obtain permission through fraudulent means face imprisonment of up to two years or a fine equivalent to 30% of the land price based on the individual publicly announced land price at the time of contract.

A provincial official stated, "We have rationally adjusted the areas to be redesignated and removed to preemptively block illegal transactions and speculation by planned real estate investors while alleviating inconveniences for genuine demanders. Through the 'Planned Real Estate Continuous Monitoring System' completed this month, we will monitor overall forest land transaction trends in the province and conduct detailed investigations on suspicious transactions to actively respond to speculation by planned real estate investors."

Detailed information on the redesignation and removal of the land transaction permission zones decided this time can be found in the announcement on the Gyeonggi Province website.

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