Deokyang-gu, Ilsandong-gu greenbelt zones designated Aug. 18 through Dec. 31
A total of 109.03 square kilometers of greenbelt land in Deokyang-gu and Ilsandong-gu in Goyang Special City has been designated as a land transaction permission zone, effective Aug. 18 through Dec. 31.
The designation follows the Ministry of Land, Infrastructure and Transport's announcement on Aug. 13 of a plan to add 230,000-plus housing units to the Greater Seoul area, under which greenbelt zones adjacent to Seoul were placed under land transaction controls to curb speculative buying near candidate sites for new residential development. The 109.03 square kilometers of greenbelt in Deokyang-gu and Ilsandong-gu fall within the newly designated zone.
Anyone seeking to transfer or establish ownership rights, superficies or other rights over land exceeding the threshold area within the zone must obtain prior approval from the relevant administrative authority before signing a contract.
The threshold areas requiring approval are, for urban zones: more than 60 square meters in residential zones, more than 150 square meters in commercial and industrial zones, more than 200 square meters in green zones, and more than 60 square meters in areas without a designated land-use category. Outside urban zones, approval is required for agricultural land exceeding 500 square meters, forest land exceeding 1,000 square meters, and other land exceeding 250 square meters.
The designation is a temporary measure to suppress speculative demand until the government announces the final list of new residential development sites. Areas ultimately excluded from the candidate list will be removed from the land transaction permission zone immediately upon that announcement, in accordance with relevant procedures.
"We will continuously monitor transaction trends within the land transaction permission zone to curb speculative deals and work to establish a sound real estate market centered on genuine buyers," a Goyang city official said.
pjh@heraldcorp.com
