The Incheon city government announced on September 12 that it will extend the designation of the Guwol 2 Public Housing District and nearby areas as land transaction permit zones for another year.
With the current designation set to expire on September 20, the city recently convened the Urban Planning Committee and decided to re-designate a 5.43-square-kilometer area, including Seonhak-dong in Yeonsu-gu and the development-restricted zones in Guwol-dong, Namchon-dong, and Susan-dong in Namdong-gu, as land transaction permit zones.
As a result, the designation will remain in effect until September 20, 2026.
To conduct land transactions within the permit zone, approval from the head of the relevant district office is required. Residential properties can only be purchased for the purpose of actual occupancy for at least two years. The permit requirement applies if the area exceeds 60 square meters for residential zones, 150 square meters for commercial zones, or 100 square meters for green zones.
If the actual occupancy requirement is violated, the district office head will issue an order for compliance within a period of up to three months. Failure to comply will result in a compulsory fine of up to 10% of the land acquisition price.
An official from Incheon city stated, "We expect this measure will help stabilize the real estate market by ensuring transactions are centered on genuine demand."
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