Osan City Redesignates Land Transaction Permit Zone

[Suwon Ilbo=Reporter Jung Jun-sung] Osan City announced on the 29th that its entire area (42.71㎢) has been redesignated as a land transaction permit zone for one year from May 1 to April 30, 2022.

The permit zone designation last year had a market stabilization effect with decreased housing transaction volume. However, as price increases continue and speculation cannot be ruled out, the area has been redesignated as a permit zone.

The permit targets only land acquisitions by foreigners and domestic corporations or organizations involving residential properties. Permission is required when acquiring land exceeding the standard area: 18㎡ in residential areas and 20㎡ in commercial areas by zoning classification.

Violations result in imprisonment for up to two years or fines not exceeding 30% of the individual announcement land price at the time of contract execution.