The land transaction permission zones designated in Guwol 2 Public Housing District and nearby areas in Namdong-gu, Incheon, will be significantly reduced after more than three years.
Incheon City announced that, due to the expiration of the designation period on September 20, it will partially lift the restrictions on residential and commercial areas totaling 8.48㎢ in Michuhol-gu (Gwangyo and Munhak-dong), Yeonsu-gu (Seonhak-dong), and Namdong-gu (Guwol, Namchon, and Susan-dong) as of the 26th.
With this lifting, the land transaction permission zones in Guwol 2 Public Housing District and nearby areas have been reduced by 61%, from the previous 13.91㎢ to 5.43㎢. In the areas where the restrictions have been lifted, land transactions can be conducted without the district mayor's permission, and the obligations such as two years of direct residence for the 91 parcels that were previously permitted will also be removed.
Status of Partial Lifting and Redesignation of Land Transaction Permission Zones in Guwol 2 Public Housing District and Surrounding Areas [Provided by Incheon City]
On the other hand, 5.43㎢ including the project sites and nearby development-restricted zones will be re-designated as land transaction permission zones from September 21 this year to September 20 next year due to concerns about speculation.
An official from Incheon City stated, "Since the initial designation in September 2021, indicators such as land prices and transaction volumes have stabilized, so residential and commercial areas were lifted within the scope that does not hinder development projects," adding, "The deregulation of apartments, commercial buildings, and commercial real estate is expected to have a positive impact on the sluggish real estate market."
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