▲ Map of the Uiwang Omegi District Land Transaction Permission Zone
Gyeonggi Province announced on September 21 that it has re-designated the Omegi Public Housing District in Ojeon-dong, Uiwang-si, as a land transaction permission zone.
The Gyeonggi Provincial Urban Planning Committee made the decision after concluding that, since the Omegi Public Housing District is a development project in its early stages, lifting the land transaction permission designation before project completion could lead to an influx of speculative demand and instability in real estate prices.
Consequently, the Omegi Public Housing District will remain a land transaction permission zone until November 9, 2029.
Within a land transaction permission zone, individuals trading land exceeding a certain area must obtain permission from the head of the local government before concluding a contract.
The criteria for permission targets include residential areas exceeding 60 square meters and green areas exceeding 200 square meters.
Those who conclude a land transaction contract without permission or obtain permission through fraudulent means may face up to two years in prison or a fine of up to 20 million won.
(Photo provided by Gyeonggi Province, Yonhap News)
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