Redesignation of Land Transaction Permission Zone in 381 Area, Majang-dong, Seongdong-gu

The area around 381 Majang-dong, redesignated as a land transaction permission zone

From January 2, 2023, to January 1, 2024, land transactions of 6㎡ or more in the Majang-dong 381 area require land transaction permission

[Asia Economy Reporter Park Jong-il] Seongdong-gu (District Mayor Jung Won-oh) announced on December 23 that the Majang-dong 381 area (18,749㎡, 145 parcels) has been re-designated as a land transaction permission zone.

With this re-designation, the land transaction permission zone period for the Majang-dong 381 area is from January 2, 2023, to January 1, 2024, and the area requiring permission for land transaction contracts has been changed from the previous 18㎡ to 6㎡.

Land transaction permission zones can be designated by city or provincial governors under Article 10 of the Act on Reporting and Inspection of Real Estate Transactions to facilitate the smooth establishment and execution of national land use and management plans, rational land use, and to address areas where speculative land transactions are rampant or where land prices are rapidly rising or expected to rise.

The Majang-dong 381 area was selected as a candidate site for Seoul City's rapid integrated planning private redevelopment in December 2021, and Seoul City initially designated it as a land transaction permission zone to block speculative demand inflow in the area.

Once designated as a permission zone, acquiring land exceeding a certain area requires prior notification and permission from the district office, and the land must be used only for the permitted purpose during the specified period.

The permission procedure involves the applicant submitting related documents such as the permission application form, land use plan, and funding plan. The district office reviews the contract details and usage plans and notifies approval or disapproval within 15 days. For any inquiries, contact the Land Management Division of Seongdong District Office.

If a sales contract is concluded without obtaining land transaction permission or if permission is obtained through fraudulent means, a penalty of up to 2 years imprisonment or a fine of up to 30% of the land price based on the individual publicly announced land price at the time of contract conclusion will be imposed.

A district official urged, “Residents should carefully check the changed permission area and ensure to obtain permission before concluding contracts to avoid any disadvantages, and be cautious in land transactions.”