Daegu City Designates 2.3 Million Pyeong of Land in K-2 Airport Rear Area as Permitted Land Transaction Zone

'Concerns Over Speculation Ahead of Development'

On the 27th, Daegu City announced the designation of the area surrounding the K-2 Airport rear site in Jijeo-dong, Dong-gu, Daegu, as a land transaction permission zone to prevent speculative land trading and rapid land price increases following the announcement of the development of a support complex for the area. The area will be designated as a permission zone for land transaction contracts for the next five years.

This land transaction permission zone covers an area of 7.67㎢ (2.3 million pyeong) and is related to the ‘Development of a Support Complex in the Restricted Development Zone Surrounding the K-2 Airport Rear Site’ plan, which was announced at the second project briefing session for the new airport construction in June, the K-2 Airport rear site vision and strategy announcement, and the Daegu investment briefing held in Seoul.

Daegu International Airport, confirmed to be relocated to Gunwi-gun, Daegu.

As the support complex project is becoming more tangible, concerns about speculative land trading and rapid land price increases have arisen due to development expectations in the area. To proactively prevent this and to systematically and strategically manage the surrounding area, the zone was designated as a land transaction permission zone under Article 10 of the “Real Estate Transaction Report Act.”

The designated permission zone mostly covers the restricted development zone around the K-2 Airport rear site. The western boundary is set along the K-2 military airport boundary and the Bulrocheon and Bangchoncheon streams, while the eastern boundary includes the Innovation City district boundary, Daegu Outer Ring Expressway, the K-2 military airport, and the restricted development zone connecting the southern existing urban area.

Within the permission zone, if the transaction area of land by usage exceeds 60㎡ for residential areas, 150㎡ for commercial and industrial areas, and 200㎡ for green areas, the parties involved in the transaction must obtain land transaction permission from Dong-gu Office before signing the sales contract. There is also 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 use; 5 years for others). However, it is not difficult for actual users to acquire land within the permission zone.

For real transaction reports submitted after the announcement of the land transaction permission zone, Daegu City will thoroughly review funding plans and supporting documents to detect any illegal gifts or abnormal transactions. Additionally, there will be focused investigations into false contract dates intended to evade permission.

Daegu City stated, “The designation of the permission zone aims to protect the property rights of local residents by preventing land speculation and land price increases following the announcement of the K-2 Airport rear site support complex development and by blocking planned real estate speculation. We will minimize citizen inconvenience by shortening the 15-day processing period for land transaction permission as much as possible and will continuously monitor real estate transaction trends to flexibly operate the zone, including gradually lifting the designation if reasons such as land price stabilization occur.”

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