Gyeonggi-do Re-designates 1.58 Million㎡ 'Land Transaction Permission Zones' in 10 Cities and Counties

Gyeonggi Province has re-designated 1.58 million square meters of land as a land transaction permission zone due to concerns over speculative investment by planned real estate developers.

On the 19th, Gyeonggi Province announced that it has re-designated 1,581,867㎡ of forest land in 10 cities and counties within the province as a land transaction permission zone for one year and six months, from the 26th of this month until July 3, 2025.

Previously, on December 26, 2021, Gyeonggi Province designated 2,704,112㎡ of forest land in 14 cities and counties, including Paju, where there were concerns about speculative investment by planned real estate developers, as a land transaction permission zone for two years. In this re-designation, Gyeonggi Province excluded 1,122,245㎡ in 11 cities and counties such as Seongnam, Namyangju, Gimpo, Pocheon, and Yeoju from the target area.

A Gyeonggi Province official explained, "The land subject to this re-designation still has concerns about speculative investment by planned real estate developers, so the period has been extended focusing on the region."

In land transaction permission zones, transactions of land exceeding a certain area (forest land over 100㎡) or initial shared ownership transactions even if below the permitted area require approval from the mayor or county governor of the jurisdiction.

If a contract is made without permission or permission is obtained through fraudulent means, a penalty of up to two years imprisonment or a fine equivalent to 30% of the individual publicly announced land price at the time of contract conclusion will be imposed.

With this re-designation, the total land transaction permission zones in the province have been adjusted to 473㎢, including 74.76㎢ designated by the governor and 398.234㎢ designated by the Minister of Land, Infrastructure and Transport. This corresponds to 4.6% of the entire Gyeonggi Province area (11,995.0㎢).

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