Incheon Extends Land Transaction Permission Zone for Guwol 2 Public Housing District by One Year

Incheon City announced on September 2 that the designation of the land transaction permission zone for the Guwol 2 Public Housing District and the surrounding area would be extended by one year.

The city recently convened an Urban Planning Committee meeting and reviewed and approved the re-designation of a 5.43 km² development restriction area—comprising Seonhak-dong in Yeonsu-gu, and Guwol-dong, Namchon-dong, and Susan-dong in Namdong-gu—where the land transaction permission zone designation is set to expire on September 20. As a result, the designation will remain in effect in these areas through September 20, 2027.

Map of Re-designated Land Transaction Permission Zone. Provided by Incheon City

To trade land within the permission zone, approval from the head of the district office is required. In particular, residential properties can only be purchased for the purpose of owner-occupation for a minimum of two years. The permit requirement is applied if the transaction exceeds 60㎡ in residential areas, 150㎡ in commercial zones, or 100㎡ in green areas.

If the obligation for actual residence is violated, the district office head will issue a compliance order within a period not exceeding three months. Failure to comply may result in a compulsory performance fee of up to 10% of the land acquisition value.

In accordance with the government’s housing supply policy, a total of 15,996 units—including 4,843 public rental units and 4,857 public sale units—are planned for supply within the Guwol 2 district.

A city official stated, "This extension aims to proactively block speculative transactions spurred by development expectations," adding, "We will establish a sound real estate transaction order focused on genuine demand and create a stable residential and urban environment."

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