Seoul authorities have renewed land transaction permission zones across key apartment complexes, Yeouido, Mokdong, and Seongsu districts for another year. The move addresses sluggish property deals and aims to safeguard residents’ housing stability amid market pressures.
Decision from Urban Planning Meeting
During its fifth urban planning committee meeting on April 1, Seoul finalized the one-year extension for these vital real estate areas. The zones, covering roughly 4.6 square kilometers, include apartment complexes in Gangnam-gu, Yeouido apartments in Yeongdeungpo-gu, Mokdong development projects in Yangcheon-gu, and the Seongsu-dong comprehensive redevelopment in Seongsu-dong.
Originally designated in April 2021, these restrictions now run until April 26 of next year. Officials cite ongoing market challenges as the primary reason for the renewal.
Transaction Rules and Safeguards
Under the permission system, residential land sales of 6 square meters or more, and commercial or industrial plots of 15 square meters or larger, require approval from two district chiefs. This setup particularly impacts non-local investors, making such transactions far more challenging.
In Yeongsan-gu’s Huam-dong areas (lots 30-2 and 264-11), two sites shifted to business district expansions. While designated areas grew—from 10,390 to 10,6589 square meters in one case, and 82,172 to 87,020 in another—the baseline measurements align with prior figures.
Official Commitment to Stability
Seoul’s senior housing official emphasized the effort: “We have thoroughly monitored even upward market trends outside these zones to protect genuine homebuyers and foster a sound real estate environment. This represents our utmost dedication.”
