Yongin City Lifts Land Transaction Permit Zone Designation for 86 Parcels in Cheoin-gu...City Opinion Reflected

[Suwon Ilbo=Reporter Park No-hun] Yongin Special City announced on the 25th that certain areas in Cheoin-gu have been removed from the Land Transaction Permit Zone.

Starting on the 28th, the city will lift the Land Transaction Permit Zone designation for 86 parcels covering 518,722 square meters in Namsa-eup, Idong-eup, Mohyeon-eup, Yangji-myeon, Haegok-dong, Ho-dong, Yubang-dong, Gorim-dong, and Unhak-dong in Cheoin-gu.

The relevant areas were designated as a Land Transaction Permit Zone from December 28, 2020 to December 27, 2022. The city's opinion was accepted after submitting a request to lift the designation to Gyeonggi Province on the 3rd.

Investigation showed that land prices in these areas have been stable over the past three months and that there are no practical benefits from development.

Going forward, land transactions in these areas will be possible without permission from the district office, and landowners will no longer be obligated to use the land for the purpose originally permitted.

Meanwhile, a Land Transaction Permit Zone is designated in areas where speculative transactions are prevalent or likely to become prevalent, or where land prices are rapidly rising or likely to rise, in order to prevent speculation.

When an area is designated as a Land Transaction Permit Zone, transactions exceeding a certain area require permission from the city, county, or district office head.

Additionally, land must be used for the purpose specified at the time of permit approval. Violations can result in compliance orders, and non-compliance can lead to compliance enforcement charges within 10% of the land acquisition value.

A city official stated, "Even though the Land Transaction Permit Zone designation for these areas is being lifted, we will continue to monitor areas where illegal speculative real estate transactions are suspected or where speculative transactions are prevalent."