Bucheon City Extends Foreign Land Transaction Permit Zones Until August Next Year

On August 26, Bucheon City in Gyeonggi Province announced that, in accordance with the Ministry of Land, Infrastructure and Transport’s extension of the designation period for areas requiring foreign land transaction permits, all areas within the city will remain designated as land transaction permit zones until August 25 of next year.

The types of properties requiring permits include single-family homes, multi-household residences, apartments, townhouses, and multi-unit dwellings purchased by foreigners or similar parties within the land transaction permit zones. For residential properties exceeding 6 square meters in residential areas, 15 square meters in commercial or industrial areas, and 20 square meters in green zones, buyers are required to obtain the approval of the head of the relevant district office before concluding a land transaction contract.

Bucheon City Hall

In addition, foreigners and others who have been granted land transaction permits must use the property according to the authorized purpose. In the case of properties acquired for residential use, residents are required to move in within four months from the date of approval and must actually reside at the property for two years from the date of acquisition. Failure to comply may result in an enforcement order or imposition of a compliance fine.

An official from Bucheon City stated, "By extending the designation period for foreign land transaction permit zones, we aim to prevent speculative purchases of residential properties and help stabilize the housing market around genuine demand," and added, "We will thoroughly investigate property usage even after permits are issued to enhance the effectiveness of the land transaction permit system."

This content was produced with the assistance of AI translation services.