Jeonnam Province Re-designates 'Mokpo Seosan and Ongeum Districts' as Land Transaction Permission Zones for One Year

Concerns Over Real Estate Speculation Due to Development Expectations
Target Completion in 2027... 320 Billion Won Project Cost Invested

Jeollanam-do announced on the 10th that the 'Mokpo Seosan·Ongeum Redevelopment Promotion District' will be re-designated as a land transaction permission zone for one year until December 9 next year.

Jeonnam Province has re-designated the 'Mokpo Seosan.Ongeum Redevelopment Promotion District' as a land transaction permission zone for one year until December 9, 2025. Photo of the land transaction permission zone. Provided by Jeonnam Province

The province explained that this area was re-designated for one more year due to concerns about real estate speculation driven by development-related expectations.

The Seosan·Ongeum Redevelopment Promotion District is a project aimed at improving the residential environment through systematic maintenance and development of the deteriorated urban area. The project, with a budget of 320 billion KRW, is scheduled for completion in 2027.

Within the re-designated permission zone, if the land area exceeds 60㎡ in residential areas, 200㎡ in green areas, or 60㎡ in zones without designated use, a land transaction contract must be approved by Mokpo City before the sale contract. Buyers must use the land only for the approved purpose during the specified period (2 to 5 years).

If a contract is made without permission or through fraudulent means, the offender may face imprisonment of up to 2 years or a fine of up to 30% of the land price.

Additionally, if the land acquired with permission is not used for the intended purpose, a compliance penalty of up to 10% of the acquisition price will be imposed.

Kim Seung-chae, Director of the Land Management Division of Jeollanam-do, said, "The re-designation of the land transaction permission zone is a measure to block speculative transactions riding on the development project," adding, "We will continuously monitor real estate trends to establish a sound land transaction order centered on actual demand."