Public Procurement Service to Nationalize 253 Ownerless Real Estate Parcels Nationwide
On the 24th, the Public Procurement Service announced that from June 24th next year, it will proceed with the nationalization of 253 parcels of ownerless real estate (vacant land) nationwide, totaling 342,773㎡, by publishing related information in the official gazette and on the Public Procurement Service website.
The announcement targets land that was newly registered due to omission in the cadastral records or land for which ownership details have not been restored.
If the rightful owners or interested parties do not report their rights within the announcement period, the state will acquire ownership of the respective land. Ownership acquisition will proceed through procedures such as cadastral record organization and ownership preservation registration following the announcement of ownerless real estate.
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The Public Procurement Service has been responsible for the nationalization of vacant land since June 2012. As of the end of November this year, the total land nationalized through this work amounts to 28,693 parcels (96.0㎢), valued at approximately 2.5 trillion KRW based on official land prices.
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