Seoul City Launches Field Survey on Land Transaction Permission Zones in Daechi and Jamsil

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government is launching an on-site investigation to verify whether land acquirers are using the land in accordance with the permitted purposes, aiming to enhance the effectiveness of the land transaction permit system.

According to Seoul City on the 19th, the city will conduct a post-implementation status survey in the designated land transaction permit zones by the end of next month.

The main targets of the investigation are 142 land parcels in urban areas such as Gangnam, Songpa, and Yongsan, where land transaction contracts were approved last year. Among the total 617 permitted land parcels, 475 residential-use parcels are excluded, prioritizing land for self-management and development projects.

The city plans to form two teams of the "Joint Post-Implementation Status Investigation Task Force" to focus on checking compliance with the usage obligations.

If cases of non-compliance with the originally permitted usage obligations are detected, the city will issue an order to comply, and if the issue is not corrected thereafter, a penalty fee will be imposed within the year. The penalty fee can be imposed up to 10% of the land acquisition price according to the Act on Reporting and Inspection of Real Estate Transactions.

Currently, the total area designated as land transaction permit zones within Seoul is 50.27 km², accounting for 8.31% of the city's total area (605.24 km²). This includes 29.5 km² of development-restricted zones and natural green areas, and 20.77 km² of residential, commercial, and industrial areas in urban centers such as Gangnam, Yongsan, and Songpa.

To acquire land exceeding a certain area within the land transaction permit zones, prior approval must be obtained from the mayor or district head by specifying the intended land use purpose. Once approved, there is an obligation to use the land according to the permitted purpose, such as actual residence or actual management, for a certain period.