60% of Gyeonggi Province Residents Support Expansion of Land Transaction Permit System

[Suwon Ilbo=Park No-hun] A poll shows that six out of every ten residents of Gyeonggi Province support the expansion of the province's 'Land Transaction Permit System.'

According to the results of a poll conducted on August 13-14 on 1,000 residents of the province aged 18 and older, which were announced on the 17th, 60% of respondents said they support the expansion of the 'Land Transaction Permit System,' which regulates speculative real estate transactions for purposes other than actual residence, currently under review by the province. Opposition stood at 35%.

Looking at the survey results, first, 68% of respondents were aware of the 'Land Transaction Permit System.' Of these, 33% said 'they knew about it beforehand,' and 35% said 'they heard about it recently.' Regarding the 'Land Transaction Permit System,' the opinion that it is 'necessary for real estate market stabilization' (59%) was more prevalent than the view that it is 'unnecessary as an excessive violation of fundamental rights' (37%).
Residents ranked the most significant effect of introducing the 'Land Transaction Permit System' as preventing excessive housing price increases due to speculation (26%) as the top priority, followed by expanding homeownership among non-homeowners and actual purchasers (20%), preventing real estate ownership concentration among certain groups (19%), and so forth.
Regarding concerns, residents identified the balloon effect—whereby speculative demand shifts to other regions if the system is implemented only in certain areas (25%)—as the highest concern. This was followed by essential infringement on property rights related to land disposal (23%), and damage to non-homeowners and actual purchasers due to transaction cliffs and resulting jeonse shortage (18%).
In a survey on awareness of real estate speculation, 78% of respondents said speculation by domestic citizens is 'serious,' 76% said speculation by foreigners in domestic real estate is 'serious,' and 74% said speculation by domestic and foreign corporations is 'serious.'

In particular, 86% and 83% of residents, respectively, responded that it is 'necessary' to strengthen regulations on speculative purchases of domestic real estate by foreigners and corporations.

Meanwhile, Gyeonggi Province Governor Lee Jae-myung stated through social media on the 12th, 'Land Transaction Permit System, I listen to your opinions,' indicating his intention to gather residents' views on the 'Land Transaction Permit System.'
The Land Transaction Permit System is a scheme that designates regions with frequent speculative land transactions or rapid increases in land prices as permit zones, and those conducting land transaction contracts within these areas must obtain approval from the permit authority. The current system allows city and provincial governors to designate land transaction permit zones. Gyeonggi Province recently designated Hyundok-myeon and Poseung-eup in Pyeongtaek as land transaction permit zones as part of its measures against speculative real estate practices.

The survey was conducted by Gyeonggi Province through K-Stat Research Co., Ltd., a polling agency, on 1,000 residents of the province aged 18 and older on the 25th via telephone survey. The confidence level is 95%, and the margin of error is ±3.1 percentage points.