The land transaction permission zone in the Geomam and Gyeongseo-dong areas of Seo-gu, Incheon, designated for the stable supply of public housing sites in the metropolitan area, will be lifted starting from the 5th.
Incheon City announced on the 1st that the 6.15㎢ area of Geomam and Gyeongseo-dong in Seo-gu, designated as a land transaction permission zone by the Minister of Land, Infrastructure and Transport in November 2018, will be lifted after more than six years.
Location map of land transaction permission zones in Geomam and Gyeongseo-dong, Seo-gu, Incheon, scheduled for release [Provided by Incheon City]
Once the land transaction permission zone is lifted, land transactions can be conducted without the district mayor's approval. The obligation to use the land, including cultivation, will be removed for the 38 parcels that were approved before the lifting. With this measure, the land transaction permission zones remaining in Incheon city are only the 5.43㎢ area of the Gunwol 2 Public Housing District, including Seonhak-dong in Yeonsu-gu and Guwol, Namchon, and Susan-dong in Namdong-gu.
An official from Incheon City stated, "The land transaction permission zone was lifted as real estate transaction volumes and land prices stabilized around the Geomam Station area," adding, "With this, all land transaction permission zones in Seo-gu have been lifted."
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