Seoul City Conducts Intensive Investigation into Greenbelt Speculation

Joint On-Site Investigation by Autonomous Districts Starting This Month
Investigation to Confirm Use According to Permit Purpose
Strict Measures Including Permit Cancellation for Fraudulent Methods Detected

Seoul City will launch an intensive investigation into land transactions in the Greenbelt (development-restricted areas) starting this month.

The government announced the release of the Greenbelt (development restriction zone) within the metropolitan area, discovering new housing sites totaling 80,000 units, with 50,000 units this year and 30,000 units next year. The photo shows the development restriction zone in Naegok-dong, Seocho-gu, Seoul, which is being strongly considered for Greenbelt release on the 9th. Photo by Yongjun Cho jun21@

On the 3rd, Seoul City announced that it will conduct on-site inspections with local districts to investigate the actual use of land permitted for transactions within land transaction permission zones, including the Greenbelt.

Last month, in accordance with the government's '8.8 Supply Plan,' the entire Greenbelt area in Seoul (149.09㎢), including Gangnam-gu, Seocho-gu, and the Songpa-gu area designated by the Ministry of Land, Infrastructure and Transport, was temporarily designated as a land transaction permission zone until the end of this year.

However, following the government's announcement to lift Greenbelt restrictions, land transactions within development-restricted areas have increased, and practices such as the splitting of shares by speculative real estate companies have become rampant, causing controversy. In response, the city has decided to closely monitor transaction processes to prevent instability in the real estate market caused by reckless speculation. This is to detect speculative demand and block illegal activities that disrupt the order of real estate transactions.

The investigation targets areas not covered in the regular inspections by local districts and development-restricted land acquired with permission after the government's announcement. The city plans to focus on checking for violations such as failure to use land acquired with transaction permission, use different from the permitted purpose at the time of approval, or unauthorized conversion.

When trading land above a certain size within a land transaction permission zone, permission from the district mayor must be obtained. Land acquired with permission must be used for the approved purpose for a mandatory period of 2 to 5 years, depending on the use. The mandatory period is 2 years for personal residence or self-management, 4 years for business use, and 5 years for other preservation purposes.

If violations are confirmed as a result of the investigation, the city plans to take strong measures such as requesting investigations and canceling permissions according to relevant laws. If a contract is concluded without land transaction permission, imprisonment of up to 2 years or a fine of up to 30% of the land price may be imposed. Enforcement charges are 10% of the acquisition price for non-use or neglect, 7% for leasing to others, and 5% for unauthorized change of use purpose.

Jo Nam-jun, head of the Urban Space Headquarters, said, "We plan to block market disruption activities within development-restricted areas and take strong action if violations are found," adding, "As price increases are spreading recently centered on Seoul, we will also conduct thorough monitoring."

Meanwhile, the areas currently designated as land transaction permission zones within Seoul include a total of 182.36㎢, covering Daechi-dong, Samseong-dong, and Cheongdam-dong in Gangnam-gu; Jamsil-dong in Songpa-gu, including the International Exchange Complex District; major reconstruction and redevelopment complexes such as Apgujeong-dong in Gangnam-gu, Yeouido-dong in Yeongdeungpo-gu, Mok-dong in Yangcheon-gu, and Seongsu-dong in Seongdong-gu; as well as rapid integrated planning and public redevelopment candidate sites.

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