The area of Daejang-dong in Ojeong-gu, Bucheon-si, Gyeonggi-do has been designated as a land transaction permission zone.
Gyeonggi-do announced on the 5th that it has designated 0.94㎢ of the Daejang-dong area in Ojeong-gu, Bucheon-si, including the project district and nearby areas related to the 'Bucheon Daejang Andongne Urban Development Project,' as a land transaction permission zone for three years from September 10, 2024, to September 9, 2027.
The Bucheon Daejang Andongne Urban Development Project is scheduled for a public inspection announcement for residents in September. To facilitate the smooth progress of the urban development project and prevent real estate speculation, Gyeonggi-do held a review by the Urban Planning Committee on August 30 and decided to designate the area as a land transaction permission zone, which was announced on the Gyeonggi-do official website on the same day.
Accordingly, to trade land exceeding the standard area (60㎡ for residential areas, 200㎡ for green areas) in the designated area, one must obtain permission from the Mayor of Bucheon before concluding a sales contract. However, if the land transaction is below the standard area, permission is not required.
If a contract is made without permission or permission is obtained through fraudulent means, imprisonment for up to two years or a fine of up to 20 million KRW will be imposed. If permission is granted, the land must be used for the permitted purpose for a certain period, and if violated, an enforcement penalty of up to 10% of the acquisition price will be imposed annually.
A Gyeonggi-do official stated, "The designation was made due to concerns about speculative transactions and expectations of land price increases following the project promotion," adding, "We will respond carefully according to market conditions to stabilize the real estate market."
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