The government's countermeasure against real estate on June 17 is a super-strong measure that not only affects unregulated areas in the Seoul metropolitan area, but also the demand for investment in Gangnam, Seoul.

The Ministry of Land, Infrastructure and Transport and Seoul announced today (17th) that the site for the Jamsil MICE development project, Yeongdong-daero complex development project, and its area of ​​influence will be designated as a land transaction permission zone.

Grouping this area into a land transaction permit zone means that the'gap investment' of buying a house with an expensive charter deposit is prohibited.

If it is announced tomorrow through the deliberation of the Seoul Urban Planning Committee today, it will take effect from the 23rd.
An official from Seoul said, "The specific place cannot be opened until the Taoist meeting is over."

However, it was reported that the targets were Jamsil, Samsung-dong, Daechi-dong, and Cheongdam-dong near the business site.

These areas are where actual transaction planning investigations are conducted. The Ministry of Land, Infrastructure and Transport will charge a fine and notify the financial authorities and the National Tax Service if it detects a misconduct, a loan violation, or a false report of the actual transaction.

If you are bound by a land transaction permission zone, you must obtain permission from a local government when buying more than 18㎡ in a residential area and 20㎡ in a commercial area.

Single-family houses and apartments such as apartments and villas are subject to permission if the land area exceeds 18㎡.
Some Gangnam apartments are subject to permission.

Residential land can only be used for residential use for 2 years, so it is prohibited to sell or rent for 2 years.

In other words, if you buy an apartment over 18㎡ in area, you must move in and live for 2 years.

If you enter into a land contract without permission, you will be sentenced to two years in prison or fined up to 30% of the land price.

Of course, the contract is void.

The Land Transaction Permit Zone is a system mainly used to prevent planned real estate, and the Gyeonggi Province has been actively operating in recent years.

It is unusual to be assigned to apartment complexes in the middle of the city.

Previously, when the area near the Yongsan maintenance window development project area was bound as a land transaction permission area, it was designated as a limited area only for the maintenance project area, such as early stage reconstruction.

The Ministry of Land, Infrastructure and Transport is planning to actively expand the designated area in case of overheating of the market after the designation of the permitted area for land transaction.

In the future, if speculation concerns were observed due to good development, etc., we decided to actively designate a land transaction permission zone.

The land transaction permission zone system is expected to be a very powerful tool to prevent gap investment in areas where home prices are skyrocketing due to good news.

The existing measures to prevent gap investment are a way to reduce taxes or reduce loans when the actual period of residence is short, but this system is because the system blocks the gap investment.

(Photo = data provided by Seoul City, Yonhap News)