Gyeonggi Province will lift the land transaction permission zone designation on January 1, 2025, for 17.28㎢ of commercial areas in five first-generation new towns: Seongnam, Goyang, Anyang, Gunpo, and Bucheon.
These areas were designated as land transaction permission zones on July 5 due to concerns about real estate speculation, such as splitting commercial properties, during the first-generation new town pilot district selection process. Gyeonggi Province explained that with the government's announcement of the pilot district selection results last November, there is no longer a reason to designate the commercial areas as land transaction permission zones.
After reviewing recent indicators such as land price indices and transaction volume fluctuations in the areas, the data showed a stabilization trend. The recommendation from the five cities, including Goyang, to lift the land transaction permission zone designation was also taken into account.
Status of the Lifting of Land Transaction Permission Zones for Commercial Properties in the 1st Phase New Town of Goyang City. Provided by Gyeonggi Province
With the lifting of the land transaction permission zone, land transactions in the designated areas will be possible without permission from the relevant market authorities, and the obligation to use land acquired with prior permission will be removed.
Lee Gye-sam, Director of the Urban Housing Office of Gyeonggi Province, stated, "Areas with concerns about real estate speculation have already been designated as development activity restriction zones by the respective local governments, eliminating concerns about splitting commercial properties. We will monitor land price trends in the lifted areas, and if concerns about real estate speculation arise, we will newly designate land transaction permission zones to stabilize the real estate market."
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