Changed to 'Pinpoint' Designation for Land Transaction Permission Zones in Seoul
291 Complexes Near International Exchange Complex District Immediately Lifted
Land Transaction Permission Zones Maintained for Reconstruction Complexes in Apgujeong, Yeouido, Mokdong, and Seongsu
34 Public Redevelopment Zones and 14 Rapid Integrated Planning Sites in Speculative Overheating Zones Also Maintained
The land transaction permission zones will be lifted in all areas except for the reconstruction apartments in the Jamsil, Samsung, Daechi, and Cheongdam districts of Seoul. Six sites among the candidates for the Rapid Integrated Planning that have completed the approval for the establishment of associations are also included in the immediate lifting.
However, some areas, including major reconstruction complexes in Apgujeong, Yeouido, Mokdong, Seongsu, and 14 Rapid Integrated Planning sites within the speculative overheating zones (Gangnam 3 districts and Yongsan district), will be maintained as is.
On the 12th, the Seoul Metropolitan Government held an Urban Planning Committee meeting and announced the approval of the adjustment plan for the 'Land Transaction Permission Zones.' The adjustment plan will take effect immediately after being announced on the 13th.
Land Transaction Permission Zones Lifted for 291 Complexes in Jamsamdaecheong Area
Seoul has boldly eased regulations by shifting from the previous broad designation of land transaction permission zones to selectively designating only some areas where speculation is a concern. In January, Seoul Mayor Oh Se-hoon announced at the 'Big Debate on Easing Regulations to Revive Livelihoods' that the land transaction permission zones around the International Exchange Complex District would be lifted.
This time, 291 out of 305 apartment complexes located in four neighborhoods near the International Exchange Complex District (Jamsil-dong in Songpa-gu, Samsung, Daechi, and Cheongdam-dong in Gangnam-gu) were removed from the land transaction permission zones. Fourteen reconstruction apartments that passed safety inspections will maintain their designation as land transaction permission zones. The city decided to maintain the designation due to the possibility of speculative overheating caused by buyers waiting for reconstruction expectations.
The 14 complexes maintaining the designation include Gaepo Woosung 1st and 2nd complexes, Seonkyung, Mido, Ssangyong 1st and 2nd complexes, Woosung 1st complex, and Eunma Apartments in Daechi-dong, Gangnam-gu; Jinheung Apartments in Samsung-dong; Hyundai 1st complex in Cheongdam-dong; Jamsil Jugong 5th complex in Songpa-gu; Woosung 1st, 2nd, 3rd, and 4th complexes; and Asia Athlete Village.
Among the 123 Rapid Integrated Planning reconstruction and redevelopment project sites, six sites that have completed the designation of maintenance zones and approval for association establishment will also have their land transaction permission zones lifted immediately. The lifted areas are around 236-100 Sindang-dong, 69-14 Myeonmok-dong, 1152 Sinjeong-dong, 589-13 Banghwa-dong, 167-67 Cheonho-dong, and 8-373 Mia-dong (Mia 4-1).
Starting with this lifting, the city plans to sequentially lift the land transaction permission zones designated for a total of 59 sites by 2027, depending on whether the approval for association establishment is obtained. It is expected that four sites will receive approval by the end of this year, 39 sites in 2026, and 10 sites in 2027.
Designation Maintained for 14 Reconstruction Complexes in Jamsamdaecheong and Reconstruction Complexes in Apgujeong, Yeouido, Mokdong, and Seongsu
Besides the 14 reconstruction apartments near the International Exchange Complex District, the land transaction permission zones will be maintained for ▲major reconstruction and redevelopment areas such as Apgujeong, Yeouido, Mokdong, and Seongsu-dong ▲34 public redevelopment zones ▲14 Rapid Integrated Planning (reconstruction and redevelopment) sites within the speculative overheating zones (Gangnam 3 districts and Yongsan district).
The plan is to maintain the current status but promote lifting if it is judged that the possibility of speculation is low, such as after the approval of the management disposition plan. After the approval of the management disposition plan, the application for member sales ends, finalizing the rights relationships, and Seoul City explains that the possibility of speculation is low at this stage.
Seoul City explained the reason for lifting by stating, "There have been many complaints about infringement on freedom of residence relocation and property rights because the land transaction permission zones were broadly designated or repeatedly re-designated annually even for apartments where development has already been completed."
In the future, once maintenance zones are designated and approval for association establishment is completed, the land transaction permission zones can be lifted. The city expects that many reconstruction and redevelopment projects, which have been delayed, will gain momentum and have a positive impact on the real estate market.
The land transaction permission system is a system that requires prior approval from the district office head when trading houses, commercial buildings, or land above a certain scale in development (planned) areas or areas where speculation is a concern, to prevent speculative transactions. For houses, only sales for actual residence purposes are allowed for two years, and so-called 'gap investments,' where houses are purchased with leases or jeonse (long-term deposit rentals), are not permitted.
Cho Nam-jun, head of the Seoul Metropolitan Government's Urban Space Headquarters, said, "We have eased regulations by lifting the land transaction permission system in some areas without reconstruction issues, considering the economic situation such as downward stabilization of real estate prices and decreased transaction volume, and by setting the timing of lifting according to the progress of projects among Rapid Integrated Planning sites to enhance predictability. We will continue to monitor the stability of the real estate market and respond strictly by immediately re-designating zones if speculative activities occur."
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