Seoul City Urban Planning Committee Approves Original Plan
The newly re-designated land transaction permission zone in Gangnam-gu. (Provided by Seoul Metropolitan Government)
[Asia Economy Reporter Kim Hyemin] A total of 27㎢ of natural greenbelt areas in the Gangnam-gu and Seocho-gu districts of Seoul have been re-designated as land transaction permission zones. This measure aims to preemptively block real estate speculation due to nearby development issues.
On the 12th, Seoul City held the 6th Urban Planning Committee meeting and announced on the 13th that it had approved the original plan to extend the land transaction permission zone in the natural greenbelt areas of Gangnam and Seocho districts, which was set to expire on the 30th of this month, for an additional three years. The designated area covers 6.02㎢ in Gangnam-gu and 21.27㎢ in Seocho-gu.
The re-designation of this zone as a land transaction permission area is a measure taken in consideration of ongoing development projects nearby.
The re-designated areas in Gangnam-gu include adjacent regions where the Suseo Station public housing district and Guryong Village urban development projects are underway: Suseo-dong (1.07㎢), Gaepo-dong (1.21㎢), Segok-dong (1.16㎢), Yulhyeon-dong (0.54㎢), Jagok-dong (1.25㎢), Irwon-dong (0.68㎢), and Daechi-dong (0.11㎢). In Seocho-gu, the areas include Yangjae-dong (1.26㎢), Umyeon-dong (2.94㎢), Bangbae-dong (1.35㎢), Naegok-dong (6.2㎢), Sinwon-dong (2.09㎢), Yeomgok-dong (1.45㎢), Wonji-dong (5.06㎢), and Seocho-dong (0.92㎢), encompassing the Yangjae R&D Innovation District and Bangbae-dong Seongdwi Village public housing district. Most of these are natural greenbelt areas.
For land exceeding 100㎡ in greenbelt areas and 180㎡ in residential areas, any contract to transfer or establish ownership or surface rights requires permission from the district office chief. Detailed information on the re-designated land can be obtained through the real estate information departments of the respective local district offices where the land is located.
Choi Young-chang, head of the Land Management Division at Seoul City, stated, "We are continuously monitoring real estate market trends," adding, "We will firmly respond to market instability factors, including detecting speculative forces aiming to benefit from development prospects."
The newly re-designated land transaction permission zone in Seocho-gu. (Provided by Seoul Metropolitan Government)
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