Four Incheon Land Transaction Permission Zones See Decrease in Transactions After Deregulation

From the end of 2023 to last year, the real estate markets in four areas within Incheon city, where land transaction permission zones were sequentially lifted, have been maintaining stability.

According to Incheon City on the 20th, an analysis of land transaction volumes for three months before and after the lifting of land transaction permission zones in four areas?Gyeyang Technovalley, Daejang District, Guwol 2 Public Housing District, and Geomam Station Area?showed that transaction volumes actually decreased after the restrictions were lifted.

Incheon Guwol 2 Public Housing District. Yonhap News

By area, in Gyeyang Technovalley (8.4㎢), where the restriction was lifted in December 2023, the number of transaction parcels decreased from 275 to 234. In Daejang District (0.72㎢), lifted in May last year, transactions dropped from 131 to 106 parcels, and in Geomam Station Area (6.15㎢), lifted in November of the same year, transactions fell from 232 to 204 parcels.

In Guwol 2 Public Housing District (8.48㎢), where some residential and commercial areas were partially deregulated in July last year, transaction volumes significantly decreased from 862 to 751 parcels.

The remaining land transaction permission zone in Incheon City currently covers 5.43㎢, including Guwol 2 Public Housing District and adjacent areas, with the designation period lasting until September 20.

An official from Incheon City stated, "Considering the real estate market contraction and transaction volumes before and after the lifting, it appears that the timing of lifting the land transaction permission zones was appropriate. We will continue to monitor the real estate market for speculative demand inflows and other factors."

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