Osan City Designated as 'Foreign National and Corporate Land Transaction Permitted Zone' for Six Months

[Suwon Ilbo=Seo Dong-young Reporter] Osan City announced on the 28th that the entire city (42.71㎢) has been designated as a land transaction permitted zone for foreign nationals and corporations for six months, effective from the 31st of this month through April 30 of next year.

The target of application covers cases in which foreign nationals or corporations (organizations) acquire land that includes residential property.

This designation of the land transaction permitted zone was introduced to prevent foreign nationals and corporations from acquiring land for speculative purposes. Foreign nationals and corporations (organizations) must obtain permission when acquiring land that includes residential property.

Violations are subject to imprisonment of up to two years or a fine equivalent to 30% of the land price at the time of contract execution.

Meanwhile, Gyeonggi Province held a city planning committee meeting on the 23rd and deliberated and passed a plan to designate the entire area of 23 cities and counties, excluding 8 cities and counties in the province, as land transaction permitted zones for foreign nationals and corporations, and made a public announcement on the 26th.