Gyeonggi-do, Partial Removal of Land Transaction Permission Zone in Namyangju City 3rd New Town

Gyeonggi-do Designates 13.5㎢ Area in Jingeon-eup Wangsuk District Corporate Relocation Complex
4.1㎢ Near Additional Inclusion Area of Namyangju-si Wangsuk District
55% Private Land Compensation Progressed, 45% Decided by Central Land Expropriation Committee

Gyeonggi Province has lifted the land transaction permit zone designation on December 26, 2024, for a 13.5㎢ area including Baeyang-ri, Yongjeong-ri, and Songneung-ri in Jingeon-eup, Namyangju-si, which is related to the ‘Namyangju Wangsuk District Enterprise Relocation Complex’. Additionally, a 4.1㎢ area including Baeyang-ri and Jingwan-ri in Jingeon-eup, Namyangju-si, which is an additional inclusion area of the ‘Namyangju Wangsuk District’ and the Namyangju Jingeon Public Housing District, has been designated as a land transaction permit zone for two years until December 25, 2026.

Prayer shows the areas in Namyangju City where the 3rd phase new town land transaction permission zones have been lifted (orange) and newly designated (blue). Provided by Gyeonggi Province

Gyeonggi Province recently held a meeting of the Gyeonggi Provincial Urban Planning Committee and made this decision, announcing the related details on the provincial website on the 20th.

Gyeonggi Province explained that the ‘Namyangju Enterprise Relocation Complex Development Project’ has progressed with over 55% of land compensation completed and 45% resolved through the Central Land Expropriation Committee’s decision, so there is no obstacle to project promotion. Therefore, to prevent excessive infringement on the property rights of nearby landowners, the land transaction permit zone designation has been lifted.

For the additional inclusion area of the ‘Namyangju Wangsuk District’ (Namyangju Jingeon Public Housing District), since land compensation has not been promoted, it was decided to designate it as a land transaction permit zone to ensure smooth project promotion and prevent real estate speculation.

In areas where the land transaction permit zone designation has been lifted, land transactions can be conducted without permission from the Mayor of Namyangju, and the obligation to use the land acquired with prior permission will also be removed.

In designated land transaction permit zones, if land transactions exceed the standard area (60㎡ for residential areas, 200㎡ for green areas), a sales contract must be concluded after obtaining permission from the Mayor of Namyangju. Transactions below the standard area do not require permission.

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 violation of this will result in an annual enforcement penalty of up to 10% of the acquisition price.

A Gyeonggi Province official stated, “Since land compensation has been completed in some areas, there is no obstacle to project promotion, so the designation was lifted to prevent excessive infringement on landowners’ property rights. Areas where land compensation has not been promoted were designated to prevent speculative transactions. We will respond carefully according to market conditions to stabilize the real estate market.”