Decision to Postpone Re-designation of 'Land Transaction Permission Zones' in Jamsil, Samsung, Cheongdam, and Daechi-dong

Seoul City Urban Planning Committee's 'Hold' Decision,
Plan to Re-discuss at Next Committee Meeting

Seoul is facing prolonged deliberation over whether to lift the ‘Land Transaction Permission Zone’ designation applied to Jamsil-dong in Songpa-gu and the Samsung, Cheongdam, and Daechi-dong areas in Gangnam-gu.

On the 5th, the city announced that at the 8th Urban Planning Committee meeting, it decided to postpone the re-designation plan for the Land Transaction Permission Zone covering these four neighborhoods (a total of 14.4㎢). The matter will be reconsidered at the next committee meeting.

These areas are included in or adjacent to the ‘International Exchange Complex District’ and were designated as Land Transaction Permission Zones in June 2020. This was due to concerns that speculative demand might flow in during the development of the International Exchange Complex District, which spans approximately 1.99 million square meters from COEX in Gangnam-gu to Jamsil Sports Complex in Songpa-gu. The designation has been extended three times since then and was scheduled to expire on the 22nd.

The Seoul city government explained, “Given the recent recovery in Seoul apartment prices, the increase in transaction volume, the correlation between the Land Transaction Permission Zone and the jeonse market, and the factors driving price increases in general apartments and reconstruction complexes, careful discussion is necessary. Therefore, we decided to postpone the agenda and reconsider it.”