Re-designated for 2 years until August 14, 2024
Aimed at smooth project implementation and blocking speculative transactions
Location Map of Pyeongtaek Poseung and Hyeondeok Districts [Gyeonggi-do]
[Asia Economy Reporter La Young-cheol] Gyeonggi Province announced on the 9th that "on the 22nd of last month, the Urban Planning Committee held a review and re-designated the Gyeonggi Free Economic Zone Hyundeok District (2.32㎢) as a land transaction permission zone until 2024."
The area is the Hyundeok District (including Gwongwan-ri and Jangsu-ri in Hyundeok-myeon, Pyeongtaek City, and Sinyoung-ri in Poseung-eup), where speculative transactions have been rampant due to planned development. It was designated as a land transaction permission zone in August 2020 (~2022.8.14).
However, reflecting the opinion of the head of the Gyeonggi Free Economic Zone Authority that concerns about speculation remain high as land compensation has not been completed and the project is still in its early stages, a two-year extension was decided.
To trade land in the area, one must obtain permission from the head of the Gyeonggi Free Economic Zone Authority before signing a sales contract.
Violating this or obtaining permission through fraudulent means for purposes other than the approved ones will result in imprisonment for up to two years or a fine of up to 30% of the land price.
Once permission is granted, the land must be used for the approved purpose for a certain period, and if violated, a performance penalty of up to 10% of the acquisition price may be imposed annually.
An official from the province stated, "The re-designation was made due to concerns about speculative transactions and rising land price expectations following project promotion," adding, "We will respond meticulously according to market conditions to stabilize the real estate market."
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