Bucheon City in Gyeonggi Province announced on the 6th that it will newly designate the area around Andongne in Daejang-dong as a land transaction permission zone for the upcoming urban development project.
The city plans to promptly designate the area as a land transaction permission zone to block speculative land transactions following the commencement of the Bucheon Daejang An District urban development project, and will immediately restrict development activities within the project area upon public notice to prevent compensation speculation.
The designation period for the land transaction permission zone will be from the 10th of this month until September 9, 2027, covering 775 parcels (an area of 0.94㎢) in Andongne, Daejang-dong, Ojeong-gu, Bucheon City, and surrounding areas.
Accordingly, purchasing land exceeding a certain area by usage type will require prior approval from the mayor of the city, county, or district office.
If land designated as a land transaction permission zone is contracted without approval or obtained through fraudulent means, a penalty of imprisonment for up to two years or a fine of up to 30% of the land price at the time of contract may be imposed.
Additionally, if approval is granted, the land must be used for the intended purpose for a certain period, and if violated, a performance penalty of up to 10% of the acquisition price may be imposed annually.
For more details about the land transaction permission zone, please visit the Bucheon City website or Land e-eum (eum.go.kr). A Bucheon City official stated, "We will do our best to block speculative demand and ensure that acquisition is allowed only to genuine demanders through this measure."
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