14 Reconstruction Apartment Complexes in Gangnam and Songpa Re-designated as Land Transaction Permission Zones

Reconstruction Complexes Including Eunma in Daechi and Jamsil Jugong Complex 5
Re-designated as Land Transaction Permission Zones for One Year Until June 22 Next Year
11 Fast-Track Integrated Planning Candidate Sites Newly Designated

The Seoul Metropolitan Government has re-designated 14 reconstruction apartment complexes in Gangnam and Songpa districts, including Eunma Apartment in Daechi-dong and Jamsil Jugong Apartment Complex 5, as Land Transaction Permission Zones.

The view of Eunma Apartment complex in Daechi-dong, Gangnam-gu, Seoul./Photo by Hyunmin Kim kimhyun81@

On June 5, the Seoul Metropolitan Government announced that it had held the 9th Urban Planning Committee meeting and decided to re-designate 14 reconstruction apartment complexes in Gangnam and Songpa districts as Land Transaction Permission Zones for one year, until June 22, 2026. Seoul first designated these areas as Land Transaction Permission Zones on June 23, 2020, and has re-designated them for five consecutive years.

The designated areas include a total of 14 apartment complexes: 10 complexes in Daechi-dong, Samseong-dong, and Cheongdam-dong in Gangnam-gu, and 4 complexes in Jamsil-dong, Songpa-gu. The total area amounts to 1.43 square kilometers. This measure aims to proactively block speculative demand. In the case of Daechi Mido Apartment, which is undergoing fast-track integrated planning reconstruction, the entire area, including commercial facilities, has been designated as a Land Transaction Permission Zone.

The 14 reconstruction complexes included in the Land Transaction Permission Zone are: Daechi-dong Gaepo Woosung 1 and 2, Seonkyung, Mido, Ssangyong 1, Ssangyong 2, Woosung 1, Eunma, Samseong-dong and Cheongdam-dong Jinhung, Cheongdam-dong Hyundai 1, Jamsil-dong Jugong Complex 5, Woosung 1, 2, and 3, Woosung 4, and Asia Athletes' Village.

The city has also newly designated 11 areas selected as candidates for fast-track integrated planning as Land Transaction Permission Zones. The designation period runs from June 17 this year to August 30 next year. The city set the end date to the end of August to align with the designation periods of other zones for management purposes.

The designated areas are: around 380 Doksan-dong, Geumcheon-gu (121,830.6 square meters); around 3922 Singil-dong, Yeongdeungpo-gu (33,896.7 square meters); around 97-35 Cheongpa-dong 1-ga, Yongsan-gu (49,210.8 square meters); around 922 Sinjeong-dong, Yangcheon-gu (84,186.6 square meters); around 675 Eungam-dong, Eunpyeong-gu (40,696.4 square meters); around 610-200 Sillim-dong, Gwanak-gu (196,841.0 square meters); around 119-1 Sillim-dong (16,899.0 square meters); around 26 Ssangmun-dong, Dobong-gu (39,499.8 square meters); around 219-90 Jangwi-dong, Seongbuk-gu (131,226.4 square meters); around 224-12 Jangwi-dong (110,641.8 square meters); and around 710-81 Jeongneung-dong (24,137.6 square meters).

The Land Transaction Permission Zone system was introduced to prevent speculative transactions in large-scale development areas. Zones can be designated for up to five years with no limit on the number of times. When an area is designated as a Land Transaction Permission Zone, any transfer or establishment of ownership or superficies rights for land shares exceeding 6 square meters in residential areas or 15 square meters in commercial areas requires approval from the district head.

Land Transaction Permission Zones in Seoul include: natural green areas in Gangnam and Seocho districts (26.69 square kilometers); major reconstruction and redevelopment complexes such as Apgujeong-dong in Gangnam-gu, Yeouido-dong in Yeongdeungpo-gu, Mok-dong in Yangcheon-gu, and Seongsu-dong in Seongdong-gu (4.58 square kilometers). In addition, as apartment prices along the Han River surged, the city designated about 2,200 apartment complexes (a total of 110.65 square kilometers) in the three Gangnam districts and Yongsan-gu as Land Transaction Permission Zones from March 24 to September 30 this year.

Choi Jinseok, Director of Housing at the Seoul Metropolitan Government, stated, "Areas where land prices are rising rapidly or where speculative transactions are prevalent will be designated or re-designated as Land Transaction Permission Zones. Through continuous monitoring and analysis of housing market trends, we will thoroughly prevent real estate speculation and foster a safe real estate market by encouraging the entry of genuine end-users."