Gyeonggi Province Lifts Land Transaction Permit Zones Virtually Entirely

Land transaction contract permit zones in Gyeonggi Province have been virtually completely lifted.

According to the province on the 9th, the Ministry of Land, Infrastructure and Transport will deregulate an additional 17.702㎢ of land transaction contract permit zones in three cities within the province as of the 10th.

The regions deregulated this time are Seongnam City (4.16㎢), Bucheon City (0.69㎢), and Hanam City (12.852㎢), accounting for 41.9% of the remaining land transaction permit zones in the province (42.272㎢).

As a result, land transaction permit zones in the province are being reduced from 0.4% to 0.2% of the province's total area.

This measure was taken in consideration of the sustained trend of land price stabilization since 2008 and residents' inconvenience due to the long-term designation of permit zones, with deregulation focused on areas with no adjacent development plans, areas where relevant development projects have been completed or canceled, and areas where the reasons for designation have ceased due to decreased land transactions.

However, areas where local governments requested re-designation due to planned development projects and where necessity was recognized were retained as permit zones.

Accordingly, the remaining permit zones in the province total 26.29㎢, comprising 24.57㎢ designated by the Ministry of Land, Infrastructure and Transport (Siheung, Gwangju, Gwacheon, and Goyang cities) and 1.72㎢ designated by Gyeonggi Province (Guri City).

Gyeonggi Province has continuously deregulated 5526.45㎢ of permit zones within the province since 2009.

A provincial official stated, "Considering recent stable land market trends, the possibility of concerns about skyrocketing land prices and land speculation resulting from this measure is very low," and added, "We will continuously monitor the deregulated areas, and should any abnormal signs such as speculation occur, we will take preventive measures to block factors driving land price increases and land speculation through crackdowns and re-designation of permit zones."