▲ Land Transaction Permit Zone in Yeouido, Seoul

The Seoul Metropolitan Government announced today (21st) that it will redesignate four areas, including the Apgujeong, Yeouido, and Mok-dong apartment districts, where major reconstruction complexes are located, and the Seongsu Strategic Improvement Zone, as land transaction permission zones.

At the 4th Urban Planning Committee held the day before, the city deliberated and approved the original bill.

These areas were designated as land transaction permission zones from April 27 last year, and the designation period was scheduled to expire on the 26th of this month.

However, as the Seoul Metropolitan Government redesignated the land transaction permission zone, the effect was extended by one more year.

The specific target areas include 24 apartment complexes in Apgujeong, Gangnam-gu (1.15 ㎢), 16 complexes in and around Yeouido apartment district in Yeongdeungpo-gu (0.62 ㎢), 14 complexes in Mok-dong, Yangcheon-gu (2.28 ㎢), and Seongsu Strategic Improvement Zone in Seongdong-gu (0.53 km). ㎢), etc., are all 4.57 ㎢.

The designated area is the same as before, but the revision of the relevant law has strengthened the standard for land area that requires a permit for transactions.

The Ministry of Land, Infrastructure and Transport revised the Act on Real Estate Transaction Report, etc. in February, and changed the area subject to permission within the land transaction permission zone from 'more than 18 m2' to 'exceeding 6 m2' for residential areas, and '20 for commercial areas. It has been narrowed from 'Exceeding m2' to 'Exceeding 15 m2'.

The purpose is to block investment demand for small townhouses, villas, multi-family houses, and subdivisions, which are considered as blind spots in the permit system.

Areas that have been re-designated as land transaction permission zones will be subject to these stricter standards according to the amended law.

This measure, which continues to bind major reconstruction areas as land transaction permit zones, is in line with Mayor Oh Se-hoon's policy of increasing housing supply without stimulating the real estate market.

Mayor Oh emphasized at a press conference for the first anniversary of his inauguration on the 12th of this month, saying, "Housing supply is important, but real estate price stability is more important."

(Photo = Yonhap News)