Applications for Land Transaction Permits by Multiple Home Owners Accepted Until the 9th

The Ministry of Land, Infrastructure and Transport announced on May 7 that applications for land transaction permits will be accepted on Saturday, the 9th, at each district office in Seoul and the relevant district offices in Gyeonggi Province. This measure was established through an agreement among the Ministry of Land, Infrastructure and Transport, Seoul Metropolitan Government, Gyeonggi Provincial Government, and the local permit authorities for the convenience of the public.

Parties involved in transactions can visit the application counters between 9:00 a.m. and 6:00 p.m. on Saturday, the 9th, to submit the required documents. Only applications related to the temporary suspension of the increased capital gains tax for multiple home owners are eligible, and applications cannot be submitted at Seoul City Hall, Gyeonggi Provincial Government, Seongnam City Hall, Yongin City Hall, or Anyang City Hall.

In designated land transaction permit zones, approval from the relevant local government is required when trading residential properties above a certain threshold. Since the time required for review and approval varies after submission, the government recently decided to grant a grace period for the increased capital gains tax for those who apply on May 9, before the tax hike is reinstated.

Yonhap News Agency

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