Expansion of Land Transaction Permission Zone in Oemaegi District, Ojeon-dong, Uiwang

Location Map of Uiwang Omaegi District

Gyeonggi Province has expanded the land transaction permission zone to cover a total area of 1.06㎢ in the Ojeon-dong area of Uiwang City for one year until September 18, 2024, following changes to the planned urban development project area of the Uiwang Omaegi District.

Gyeonggi Province recently held a review by the Gyeonggi Province Urban Planning Committee and made this decision, announcing it on the Gyeonggi Province website on the 15th.

The area has been designated as a land transaction permission zone from September 2021 to September 2024 due to concerns about speculative demand influx related to the Omaegi District urban development project. Recently, with changes to the planned urban development project area, Gyeonggi Province expanded the land transaction permission zone from the existing 0.295㎢ to 1.06㎢.

A Gyeonggi Province official stated, "The area is still in the early stages of the project, with land compensation not yet completed. Reflecting the opinion of the Mayor of Uiwang for smooth project progress, we decided to expand the land transaction permission zone," adding, "We will respond carefully according to market conditions to stabilize the real estate market."

To trade land in the designated area, one must obtain permission from the Mayor of Uiwang City before concluding a sales contract.

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

Upon receiving permission, the land must be used for the approved purpose for a certain period, and if violated, a performance penalty of up to 10% of the acquisition price may be imposed annually.

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