More Than Half of Gyeonggi Province Land Redesignated as Land Transaction Permit Area

Gyeonggi Province announced on the 29th that more than half of the province's total land area will be redesignated as a land transaction permit area for one year effective the 31st.

The land transaction permit area was introduced to curb real estate speculation. Once designated, when concluding a land purchase agreement, the parties must verify that they are genuine end-users and obtain permission from the relevant mayor or county governor.

The land area to be redesignated is 5,886㎢, which represents 57.8% of the province's total area (10,184㎢). By land use category, green zones such as parks and forests account for 4,314㎢, and the Greenbelt (development restriction zone) accounts for 1,301㎢.

As a result, the total land transaction permit area in the province is expected to reach 5,984㎢ when combined with previously designated areas over the past five years, including Suwon's Gwanggyo New Town (16㎢), 16 new town development sites such as Bucheon's Sosa (21.47㎢), and Pangyo New Town and surrounding areas (39㎢).

Gyeonggi Province's land transaction permit area ratio of 58% is more than twice the national average of 21.5%.

A province official said, "Although land transaction volume has decreased in recent months and land price growth rates have slowed, the redesignation was decided because the capital region's land market remains unstable."