Apgujeong-Seongsu-dong area seen from Namsan Mountain in Seoul.  (Maekyung DB)

Housing price stability is more important than deregulation… Apgujeong, Yeouido, Mokdong, Seongsu land transaction permission zone extended by one year

Apgujeong-Seongsu-dong area seen from Namsan Mountain in Seoul. (Maekyung DB)

Apgujeong, Yeouido, Mok-dong, and Seongsu in Seoul were designated as land transaction permission zones again. The Land Transaction Permit Zone is a system that requires the Minister of Land, Infrastructure and Transport or the Mayor/Do Governor to obtain permission from the head of the competent ward to transact housing, shopping malls, or land larger than the standard area to prevent gap investments that cause overheating of the real estate market.

The Seoul Metropolitan Government announced on the 21st that at the 4th Urban Planning Committee held the day before, the original bill was reviewed and approved by redesignating the Apgujeong, Yeouido, Mokdong apartment districts and the Seongsu Strategic Development Zone as land transaction permission zones and extending the regulations for one more year. Specifically, ▲24 apartment complexes in Apgujeong, Gangnam-gu (1.15㎢) ▲Yeoido apartment district in Yeongdeungpo-gu and 16 nearby complexes (0.62㎢) ▲14 complexes in Mok-dong housing development district in Yangcheon-gu (2.28㎢) ▲Seongsu Strategic Improvement Area in Seongdong-gu (0.53 km) ㎢), etc., are all 4.57 square kilometers.

These areas were designated as land transaction permission zones from April 27 last year, and the designation period was scheduled to expire on April 26. However, the Seoul Metropolitan Government re-designated these areas as land transaction permission zones, fearing that real estate prices would rise due to the influx of speculative demand to the reconstruction and redevelopment areas, and the effect was extended by one more year.

In the land transaction permission zone, if a contract is concluded without permission, the punishment is imprisonment or a fine. In particular, in the case of residential land, it must be used only for actual residence for two years. The land area permitted for transaction here is ▲ residential area ‘over 6m2’ ▲commercial area ‘over 15m2’ ▲industrial area ‘over 15m2’ real estate.

The market believes that the extension of the designation of the land transaction permission zone contains the policy stance of Seoul Mayor Oh Se-hoon to increase housing supply without stimulating the real estate market. Earlier on April 12, Mayor Oh said, “Housing supply is important, but real estate price stability is more important.”

[정다운 기자]

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