The Gwangju military airport site and surrounding area, 364.19㎢, where the Honam-region semiconductor advanced national industrial complex is being pursued, will be designated a land transaction permission zone. As a step to block speculative demand driven by a major development boon, from the 14th through July 13, 2028, anyone seeking to conduct a transaction of land exceeding certain sizes in the area must obtain permission from the relevant local government.
The Ministry of Land, Infrastructure and Transport said on the 9th it will newly designate a total of 364.19㎢, including the Gwangju military airport site and surrounding areas, as a land transaction permission zone. The designation is a follow-up to the Honam-region semiconductor industrial complex development plan announced at the "Mega Project Public-Private Joint Review Meeting" held on the 6th.
The Ministry of Land, Infrastructure and Transport (MOLIT) and the Jeonnam-Gwangju Integrated Special City finalized the designation of the permission zone after deliberation by the Central Urban Planning Committee. The government appears to have moved preemptively to regulate, viewing that if the development of a large-scale national industrial complex gets underway in earnest, speculative demand could flow in aiming for a rise in nearby land prices.
The newly designated zone was set based on legal-dong and ri boundaries. It includes 124.98㎢ of Gwangsan District in Gwangju, as well as parts of Dong District, Seo District, Nam District, and Buk District. In South Jeolla Province, 97.93㎢ of Naju City and areas of Hwasun County and Jangseong County were included. However, state- or local government-owned national and public land is excluded from the restrictions.
Once designated as a land transaction permission zone, permission from the relevant mayor, county head, or district head is required to conduct a transaction of land exceeding the use-specific threshold within the zone. Contracts concluded without permission are not recognized as valid. After purchasing land, it must be actually used for the permitted purpose, and the period of use obligation is applied for up to five years depending on the purpose.
If the use obligation is not observed, the relevant local government may issue a performance order. If the order is not followed, a non-compliance charge may be imposed within 10% of the land acquisition price. The non-compliance charge may be imposed repeatedly every year within the use obligation period.
The Ministry of Land, Infrastructure and Transport (MOLIT) and the Jeonnam-Gwangju Integrated Special City plan to intensively monitor real estate transaction trends in the newly designated land transaction permission zone. If any abnormal transaction or suspected speculative transaction is identified, they said they will move to investigate and crack down in cooperation with relevant agencies.