Seoul City-Autonomous District, Usage Status Inspection
Imprisonment for up to 2 years for unauthorized contract
The Seoul Metropolitan Government, together with autonomous districts, will conduct a survey on the usage status of land transaction permit zones, including development restriction zones (green belts).
As land transactions within the greenbelt have increased recently and the splitting of shares in planned real estate has become controversial, the Seoul Metropolitan Government announced on the 3rd that it will begin an investigation starting this month to prevent indiscriminate speculation and market instability. In accordance with the government’s plan to expand housing supply, the Seoul Metropolitan Government temporarily designated the entire Seoul greenbelt (149.09㎢), including the Gangnam-gu and Seocho-gu areas (21.29㎢), as land transaction permit zones from the 13th of last month until the end of this year to prevent speculative demand from flowing in.
The subjects of the investigation are areas that were not investigated after the regular investigation of autonomous districts from May to July of this year, and lands acquired with permission within the green belt after the government announced real estate measures in August. The Seoul Metropolitan Government plans to intensively inspect whether lands acquired with permission are not being used, used for purposes other than those permitted at the time of permission, or converted without permission.
In order to trade land larger than a certain area in a land transaction permit zone, you must obtain permission from the district head. Land acquired with permission must be used for the permitted purpose for a certain period of time, depending on the purpose of use. For personal residence/business use, it is 2 years, for business use, it is 4 years, and for other purposes of preserving the status quo, it is 5 years.
Currently, the land transaction permit area in Seoul is 182.36㎢ in total, including 14.4㎢ of international exchange complex areas including Daechi-dong, Samseong-dong, and Cheongdam-dong in Gangnam-gu and Jamsil-dong in Songpa-gu, 4.58㎢ of major reconstruction and redevelopment complexes including Apgujeong-dong in Gangnam-gu, Yeouido-dong in Yeongdeungpo-gu, Mok-dong in Yangcheon-gu, and Seongsu-dong in Seongdong-gu, and 7.57㎢ of rapid integration planning and public redevelopment candidate sites.
If you enter into a contract without a land transaction permit, you will be subject to imprisonment for up to 2 years and a fine of up to 30% of the land price. In case of non-use or abandonment, 10% of the acquisition price, 7% in case of leasing to others, and 5% in case of unauthorized change of use purpose must be paid as a performance enforcement fine.
Reporter Jeon Hye-jin [email protected]
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2024-09-05 04:16:38