Public Procurement Service to Nationalize 357 Parcels of Unclaimed Real Estate
The Public Procurement Service announced on November 3 that it will issue public notices through the official gazette, daily newspapers, and the Public Procurement Service website regarding the nationalization of 357 parcels of ownerless real estate (unclaimed real estate), totaling 2,223,632 square meters, across the country including Goseong County, Gangwon Province, until May 2 next year.
The properties subject to this notice include land that has been newly registered due to omissions in the cadastral records or land for which ownership information has not been restored.
If legitimate rights holders or interested parties do not report their rights within the notice period, the government will proceed with procedures such as organizing the cadastral records and registering the preservation of ownership, thereby acquiring ownership of the land in question.
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Previously, the Public Procurement Service began the nationalization work of unclaimed real estate in June 2012, and as of the end of September, it has nationalized 41,483 parcels of land (108 square kilometers) valued at approximately 2.07 trillion won based on the officially assessed land price.
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