Follow-up Measures for the Release of Seoul's Greenbelt Areas
Temporary Measures Until the End of This Year... Usage Plans to Be Announced in November
Ten areas including Gugidong, which were part of the development-restricted zone in Jongno-gu, Seoul, have been temporarily designated as land transaction permission zones until the end of this year.
On the 16th, Jongno-gu announced that Gugidong, Nusaeng-dong, Muak-dong, Buam-dong, Samcheong-dong, Hongji-dong, Sinyeong-dong, Ok-in-dong, Cheongun-dong, and Pyeongchang-dong have been designated and publicly notified as land transaction permission zones. The period is from the 13th of this month to December 31.
This follows Seoul City's initiative on the 8th to lift development restrictions to expand housing supply for newlyweds. To prevent speculative overheating, the entire Seoul Greenbelt has been temporarily designated as a land transaction permission zone, and the final target areas will be disclosed in November after consultation with the government.
To trade land designated as a permission zone within the district, applicants must submit an application form, land use plan, and land acquisition fund procurement plan, and obtain permission from the Jongno-gu Office chief. The target areas include land exceeding 60㎡ in residential zones, 150㎡ in commercial zones, 150㎡ in industrial zones, and 100㎡ in green zones.
If a contract is made without obtaining permission or change of permission, or if permission is obtained through fraudulent means, a penalty of imprisonment for up to two years or a fine up to 30% of the land price at the time of contract will be imposed. Additionally, if the land acquired with contract permission is not used for its original purpose, a performance penalty will be imposed.
Detailed designated parcels can be checked on the Jongno-gu website or on Land e-um. For further details, inquiries can be made to the Real Estate Information Division, Real Estate Management Team.
Jung Moon-heon, the district mayor, said, “We will strive to establish a demand-centered transaction order and prevent speculation and illegal transactions in advance to stabilize real estate prices.”
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