On the 10th, Seongbuk-gu, Seoul announced that Seoul City has designated a total of four areas, including Seokgwan-dong 2 District, Jongam-dong, and Jeongneung-dong 1 District each, as land transaction permit zones until September 9, 2029.
Seoul City designated land transaction permit zones limited to land classified as roads within the Moa Town target areas and nearby regions to prevent land speculation such as dividing road shares in advance for the small-scale housing maintenance project called Moa Town.
After the designation of the land transaction permit zones, transactions within the permit zones are restricted for five years. To enter into contracts for transferring or establishing ownership or superficies rights on land exceeding certain areas by land use type (6㎡ for residential areas, 15㎡ for commercial areas, etc.)?only when transferred or established for compensation?prior approval from the district office head must be obtained before the contract.
If a land transaction contract is made without permission or permission is obtained through fraudulent means, the offender may face imprisonment for up to two years or a fine of up to 30% of the individual publicly announced land price of the relevant land at the time of the contract.
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