Seoul city will designate roads in areas selected as candidates for the Moa Town initiative as land transaction permit zones. The aim is to block speculative demand at the outset of the project.
Seoul city said on the 3rd that it held the 14th Urban Planning Committee meeting on the 2nd and decided to newly designate roads in candidate areas for the Moa Town initiative as land transaction permit zones.
The designation target is the area that will be finally selected as a candidate among the three zones (Mapo, Nowon, Seocho districts) to be reviewed at the Moa Town initiative expert advisory meeting on the 9th. After the advisory meeting, the confirmed target sites will be designated as land transaction permit zones for five years from the 16th to Sept. 15, 2031. The specific scope of designation will be disclosed through a public notice in the Seoul Gazette on the 11th.
Given the high concern over speculation in Moa Town initiative project sites, such as "private road equity transactions," in which shares of sado (private roads) owned by individuals are split and sold in small pieces, the regulation will apply only to land whose land category is "road" within the project area.
In land transaction permit zones, if one intends to conclude a contract to transfer or establish ownership or superficies for land exceeding 6㎡ in residential areas or 15㎡ in industrial areas, one must obtain permission from the head of the relevant district office and use the land in accordance with the purpose of the permit, such as actual residence or actual business operation.
Myeong No-jun, head of Seoul city's housing bureau, said, "By designating land transaction permit zones in parallel from the candidate selection stage, we will proactively block the inflow of speculative demand and smoothly push forward the maintenance project," and added, "We will continue to monitor to establish order in real estate transactions."