56% of Gyeonggi Province Area Subject to Land Transaction Permit Zones

It has been revealed that 56% of the total area in Gyeonggi Province is tied up in land transaction permit zones, subjecting land transactions to various regulations.

According to Gyeonggi Province on the 14th, the area of land transaction permit zones in the province is 5,714㎢, which is 56.1% of the total 10,184㎢, significantly more than double the national average of 21%.

By land use category, green areas such as parks and forests account for 4,314㎢, representing 75% of the total, and Green Belt (development restriction zones) amounts to 1,301㎢, or 23%.

Additionally, Pangyo New City and its surrounding areas, which are showing signs of overheated real estate markets, cover 39㎢, 16 first and second-phase New Town project districts cover 18.8㎢, Gwanggyo New City covers 16㎢, and speculation zones designated in Gimpo, Goyang, and Paju cover 17.8㎢.

Land transaction permit zones were introduced to suppress real estate speculation. Once designated, parties must confirm that they are end-users when entering into land sales contracts and obtain permission from the relevant city or county mayor.

A provincial official stated, "Land transaction permit zones are designated in areas where speculative land transactions are rampant or where land prices are rapidly rising. In the case of Gyeonggi Province, more than half of the total area has been designated as permit zones."