Gwangyang City Redesignates Deokrye and Dowol Districts as Land Transaction Permission Zones

Three-Year Extension for "Speculation Prevention and Land Price Stabilization"

On May 7, Gwangyang City in South Jeolla Province announced that it has redesignated the planned site for the Deokrye and Dowol District urban development projects as a land transaction permission zone.

The city has redesignated the area as a land transaction permission zone and extended the designation period by three years to prevent real estate speculation and to promote smooth project implementation through land price stabilization. The designated area covers 1.19 square kilometers and 1,273 plots in Deokrye-ri and Dowol-ri, Gwangyang-eup, with the designation period set until May 6, 2028.

Gwangyang City has redesignated the area as a land transaction permission zone and extended the designation period by three years to prevent real estate speculation and promote smooth project implementation through land price stabilization. Provided by Gwangyang City

For any land transactions exceeding 200 square meters in green areas or 60 square meters in residential areas within the designated zone, prior approval from the Mayor of Gwangyang is required. If the land is used for purposes other than those approved, the Mayor of Gwangyang may issue an order to fulfill the obligations. Failure to comply will result in an annual enforcement fine of up to 10% of the land acquisition price.

A Gwangyang City official stated, "The Deokrye and Dowol Districts are areas with concerns about real estate speculation due to expectations for urban development," adding, "This redesignation is a measure to preemptively block speculation and to induce price stabilization." The official further emphasized, "The city will continue to do its best to establish a sound and transparent real estate transaction order."

Meanwhile, the Gwangyang Deokrye and Dowol District urban development projects are being pursued with the goal of completion by 2032.

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