Gwangyang Urban Development Site Re-designated as Land Transaction Permission Zone

Gwangyang Deokrye and Dowol Area
Jeonnam Province to Prevent Speculation for Three Years

Land designated again as a land transaction permission zone, site of the Gwangyang Deokrye Dowol urban development project. Provided by Jeonnam Province

Jeonnam Province announced on the 6th that it will re-designate the planned site for the 'Gwangyang Deokrye·Dowol Urban Development Project' as a land transaction permission zone for three years, starting from the 7th until June 2028.

This area is expected to become a high-quality residential complex featuring shopping, housing, education, medical, and cultural facilities, taking advantage of the opening of the National Route 2 bypass and its favorable geographical location.

The project aims for completion in 2032, with a total investment of 440 billion KRW, targeting 6,000 households and a planned population of approximately 14,000 people.

In the land transaction permission zone, if the land area exceeds 60 square meters in residential zones, 150 square meters in commercial zones, 150 square meters in industrial zones, 200 square meters in green zones, or 60 square meters in areas without designated use, buyers must obtain approval for the land transaction contract from Gwangyang City before signing a sales contract. The buyer must use the land only for the approved purpose for a designated period (2 to 5 years).

If someone enters into a contract without approval or conducts a transaction through fraudulent means, they may face imprisonment of up to two years or a fine of up to 30% of the land's value. Additionally, if the land acquired through transaction permission is not used for its intended purpose, a compulsory performance fee of up to 10% of the land acquisition price will be imposed.

Kim Seungchae, Director of the Land Management Division of Jeonnam Province, stated, "We will continue to monitor areas in Jeonnam Province where there are concerns about speculation to establish a sound land transaction order centered on genuine demand."