▲ A passenger plane flies over the Gwangju Military Airport in Gwangsan-gu, Gwangju, on the 7th. The government has selected the Gwangju Military Airport site as the location for the Honam semiconductor cluster. (Photo: Yonhap News)
The government designated areas near the Gwangju Military Airport, the planned site for the Honam semiconductor high-tech national industrial complex, as land transaction permit zones on the 9th. Consequently, transactions of land and attached buildings within these zones now require mandatory approval from local governments.
The newly designated permit zones cover a total area of 364.19㎢. Gwangsan-gu, Gwangju, accounts for the largest portion at 124.98㎢, followed by Naju-si at 97.93㎢, Nam-gu, Gwangju at 44.76㎢, Buk-gu at 28.72㎢, Seo-gu at 26.94㎢, Dong-gu at 22.66㎢, Hwasun-gun at 12.77㎢, and Jangseong-gun at 5.43㎢.
The designation takes effect on the 14th of this month and will remain in place for two years, until July 13, 2028.
Most of the designated permit zones are located near the military airport. The military airport site itself, which is state-owned land where the semiconductor industrial complex will be built, has been excluded from the permit requirement.
However, the Ministry of Land, Infrastructure and Transport explained that 11 plots of private land remaining within the military airport site have been included in the permit requirement.
Moving forward, those seeking to trade land exceeding a certain size in these areas must disclose the purpose of the transaction, obtain approval from the local government, and use the land for its intended purpose for up to five years.
Approval is required for transactions of land exceeding 60㎡ in residential areas, 150㎡ in commercial and industrial areas, 200㎡ in green zones, and 60㎡ in areas with unspecified zoning.
An official from the Ministry of Land, Infrastructure and Transport explained, "We applied the same standards as those used for the Yongin semiconductor national industrial complex."
For housing, including apartments, transactions are subject to approval if the land share exceeds 60㎡, and buyers are required to reside in the property for two years after obtaining the land transaction permit.
The real estate industry expects that for apartments, mostly large-sized units will be subject to the permit requirement, in addition to detached houses.
For vacant land without buildings, authorities will strictly verify whether the land is being cultivated or used for development purposes.
Purchases for the purpose of building a residence require two years of residency, while those who purchased land to build houses or commercial facilities cannot sell or dispose of the property for at least four years and must personally carry out the development project.
For farmland (fields, paddies, and orchards), the buyer must reside in the area and personally cultivate the land for at least two years. For forest land, if acquired for forestry management purposes (such as reforestation), it must be used for that purpose for at least three years.
Violations of the land transaction permit requirements will result in compliance orders and the imposition of an enforcement fine of up to 10% of the acquisition value annually.
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