Yongin City Requests Removal of 'Land Transaction Permission Zone' for 86 Parcels in Cheoin-gu Namsa and Mohyeon-eup

Yongin City Hall Exterior View

[Asia Economy (Yongin) = Reporter Lee Young-gyu] Yongin City in Gyeonggi Province has requested the province to lift the designation of the 'Land Transaction Permission Zone' whose term has expired.

On the 7th, Yongin City announced that on the 3rd, it submitted an opinion to the province to lift the designation of the Land Transaction Permission Zone for 86 parcels totaling 2,518,722㎡ in Cheoin-gu's Namsa-eup, Idong-eup, Mohyeon-eup, Yangji-myeon, and Haegok-dong, Hodong, Yubang-dong, Gorim-dong, and Unhak, as the designation ended on December 27, 2022.

According to the city, these areas are far from various development project zones and are divided into zones such as mountainous areas, so even if nearby areas are developed, the actual benefits are analyzed to be low.

Also, the land price fluctuation rate in the last three months in these areas is lower than the rate in the quarter immediately before the designation of the Land Transaction Permission Zone, and the cumulative transaction volume in the last three months is lower than that of the quarter immediately before the designation, making it difficult to consider that land prices have risen sharply in reality.

The average land price fluctuation rate in Cheoin-gu over the last three months was 2.324%, which is similar to the national average land price fluctuation rate of 2.486% during the same period.

The city also pointed out that when judging speculation at the time of designating the Land Transaction Permission Zone, the criterion is sometimes based on parcel splitting, i.e., the number of co-owners, but some lands are owned by one person holding multiple parcels, and due to system errors, they are included excessively, raising concerns about undue infringement on individual property rights.

Therefore, the city judged that it is reasonable to lift the Land Transaction Permission Zone and submitted such an opinion to the province. The opinion submitted by the city will be finally decided after review by the Gyeonggi Province Urban Planning Committee next month.

Yongin Mayor Lee Sang-il emphasized at a meeting with senior officials on the day, "It is appropriate to maintain the Land Transaction Permission Zone for lands suspected of illegal transactions by speculative real estate investors or with potential for speculation, but there is no need to excessively regulate lands with low possibility of such risks or where prices are stably maintained."

The Land Transaction Permission Zone is designated to prevent speculation in areas where speculative transactions are rampant or likely to occur, or where land prices are rapidly rising or expected to rise sharply.

When designated as a Land Transaction Permission Zone, transactions exceeding a certain area by land use (residential area 60㎡, commercial area 150㎡, industrial area 150㎡, green area 200㎡, undesignated use 60㎡) require permission from the mayor of the city, county, or district.

If a contract is made without permission or permission is obtained by fraudulent means, imprisonment for up to two years or a fine of up to 20 million won may be imposed.

Also, land must be used for the purpose specified at the time of permission, and if violated, an order to comply may be issued, and if the order is not followed, a penalty of up to 10% of the land acquisition price may be imposed.

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