Seoul city newly designated three Moa Town initiative sites as land transaction permit zones. The aim is to preemptively block speculative demand.
The city said on the 11th that it decided this at the 18th Urban Planning Committee meeting on the 10th. The newly designated zones, applied for by residents as Moa Town initiative target areas, are ▲ around 509 Mangwoo-dong, Jungnang District, 14,541.4㎡ ▲ around 720 Ilwon-dong, Gangnam District, 25,868.4㎡ ▲ around 464-1 Mangwon-dong, Mapo District, 14,783.4㎡, totaling 55,193.2㎡. The designation period is five years, from the 23rd of this month to Dec. 22, 2030.
The city decided to reassign for one year a total of 63 sites whose land transaction permit zone designation periods are set to expire: eight public redevelopment sites and 55 redevelopment/reconstruction sites under the Rapid Integrated Planning (Shintong Planning). The reassignment period runs until Jan. 28, 2027. Among them, for the Shintong Planning dwellings redevelopment zone around 213-27 Gung-dong, Guro District, the land transaction permit zone was adjusted to exclude land removed due to boundary changes.
When an area is designated as a land transaction permit zone, before concluding a contract to transfer or establish ownership or superficies for land equity exceeding 6㎡ in residential zones or 15㎡ in commercial zones, one must obtain approval from the head of the competent district office.
Choi Jin-seok, Seoul city dwellings policy director, said, "Amid recent sharp volatility in the dwellings market, the risk of excessive speculative demand driven by development expectations still remains," and added, "We will strengthen real estate market monitoring and preventive measures to protect end-users and eradicate speculation."