Daejeon City Designates Odong and Bonggok Districts as New Land Transaction Permit Zones
1. Speculative Demand Blocked for Three Years in 1.16 km² of General Industrial Complexes
2. District Mayor’s Approval Required for Land Transactions Above a Certain Size
Beginning on November 24, Daejeon City has designated a total area of 1.16 square kilometers in two locations-Odong District General Industrial Complex and Bonggok District General Industrial Complex in Seo-gu, Daejeon-as land transaction permit zones for the next three years.
The Odong District General Industrial Complex and Bonggok District General Industrial Complex are major core projects being promoted by Daejeon City to invigorate the local economy and create jobs. These projects aim to establish industrial complexes in the southwestern region’s developable areas from 2024 to 2030, in response to increasing industrial demand due to changing industrial conditions.
The newly designated land transaction permit zones have been established to curb land price increases and speculative demand resulting from the development of these industrial complexes.
When an area is designated as a land transaction permit zone, transactions involving land above a certain size require approval from the district mayor. Contracts made without such approval are invalid, which helps prevent speculative purchases by outsiders in advance and creates an environment where major policy projects can proceed smoothly.
Land purchased with the district mayor’s approval must be used for the approved purpose for a specified period (two years for residential use, two years for agricultural, forestry, livestock, or fishery use, and four years for development projects). If the land is not used according to the approved purpose, a compliance penalty of up to 10% of the acquisition price will be imposed.
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Choi Youngjun, Director of Urban Housing at Daejeon City, stated, "Through the designation of these land transaction permit zones, we will proactively block speculative real estate purchases and create an environment in which Daejeon’s major policy projects can be smoothly implemented."
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