Daegu Transfer Gunwi-gun Entire Area 587㎢ Designated as Land Transaction Permission Zone ... Preventing Real Estate Speculation

Daegu City, following the incorporation of Gunwi County into Daegu on the 1st, designated the entire area of Gunwi County, excluding the existing land transaction permission zones, covering 587.59㎢ as a land transaction permission zone on the 3rd to prevent speculative land trading and rapid land price increases, and to protect the property rights of Gunwi residents by preemptively blocking planned real estate fraud. This designation will be effective for the next five years regarding land transaction contracts.

Gunwi County, newly designated as a land transaction permission zone, has high standard land official prices, land price fluctuation rates, and proportions of transactions by outsiders, raising concerns about speculative land trading and rapid price hikes. To prevent this, it was designated as a land transaction permission zone under Article 10 of the “Real Estate Transaction Reporting Act.”

Daegu City Gunwi County Office.

Within the permission zone, if the transaction area of land by usage exceeds 60㎡ in residential areas, 150㎡ in commercial and industrial areas, and 200㎡ in green areas within urban regions, or exceeds 500㎡ for farmland, 1000㎡ for forest land, and 250㎡ for other land types outside urban areas, the parties involved in the transaction must obtain prior land transaction permission from the Gunwi County Office before signing the sales contract. There is an obligation to use the land according to the permitted purpose for 2 to 5 years depending on the usage type (2 years for agriculture, livestock, forestry, fishery, and residential use; 4 years for development; 5 years for others). However, actual end-users will not find it difficult to acquire land within the permission zone.

For real transaction reports submitted after the announcement of the land transaction permission zone, funding plans and supporting documents will be thoroughly reviewed to strictly verify any abnormal transactions such as illegal gifts. Additionally, investigations will focus on whether there are false contract dates intended to evade permission.

Kwon Oh-hwan, Director of the Urban Housing Bureau of Daegu City, stated, “Since Gunwi County has been considered a region at risk of disappearance due to population decline and aging, securing new competitiveness is of utmost importance. Therefore, to prevent speculation, stabilize land prices, and protect the property rights of Gunwi residents from planned real estate fraud and speculation, it was unavoidable to designate the entire Gunwi County as a land transaction permission zone.” He added, “We will minimize citizen inconvenience by shortening the 15-day land transaction permission processing period as much as possible and will continuously monitor real estate transaction trends to flexibly operate the land transaction permission system, including gradually lifting the designation when reasons such as land price stabilization occur.”

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