Uiwang Omaegi Public Housing District Land Transaction Permit Zone Re-designated Until November 2029

Gyeonggi Province announced on the 21st that it has re-designated 1.06㎢ of the "Uiwang Omaegi Public Housing District" in the Ojeon-dong area of Uiwang City, whose designated period is expiring, as a land transaction permit zone from September 19 through November 9, 2029.

Gyeonggi Province reviewed and passed the re-designation plan for the land transaction permit zone of the Uiwang Omaegi Public Housing District at the 10th Urban Planning Committee held on August 28.

The province determined that since the Omaegi Public Housing District is a development-scheduled area still in its early stages, if it were released from the land transaction permit zone before the project is completed, there is a concern that speculative demand could flow back in and real estate prices could become unstable.

In particular, the province set the re-designation expiration date as November 9, 2029, aligning it with the expiration date of the land transaction permit zone designated by the Ministry of Land, Infrastructure and Transport for the adjacent "Uiwang Ojeon·Wanggok Public Housing District." This measure aims to block speculative demand inflow to adjacent development sites together while reducing resident inconvenience that could arise from different designation periods.

In a land transaction permit zone, if a transaction of land exceeding a certain area is conducted, the relevant city mayor's approval must be obtained before the contract is executed. The standards for the approval target include residential areas exceeding 60㎡ and green areas exceeding 200㎡.

If a land transaction contract is concluded without obtaining approval or approval is obtained through fraudulent means, a person may face imprisonment for up to 2 years or a fine of up to 20 million won. Even if land is acquired with approval, it must be used for the approved purpose for a certain period, and violations may result in a compliance fine of up to 10% of the land acquisition price being imposed annually.

Kim Sun-ho, head of the Real Estate Fairness Team at Gyeonggi Province, said, "Since the Omaegi Public Housing District is a development-scheduled area where projects are currently underway, it is necessary to block speculative demand inflow until the project is promoted stably," and added, "By aligning the designation periods of the permit zones with nearby development districts, we will minimize resident inconvenience."