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

Gyeonggi Province has re-designated a 1.06 km² area of the "Uiwang Omaegi Public Housing District" in Ojeon-dong, Uiwang City as a land transaction permission zone, effective from September 19, 2026, to November 9, 2029.

Previously, on August 28, 2026, during the 10th Urban Planning Committee meeting, Gyeonggi Province reviewed and approved the proposal to re-designate the Omaegi Public Housing District as a land transaction permission zone.

The provincial government explained that since the Omaegi Public Housing District is still in the early stages of its development, lifting the designation before the project is completed could lead to a resurgence of speculative demand and create instability in real estate prices.

In particular, Gyeonggi Province set the expiration date for this re-designation as November 9, 2029, aligning it with the end date for the land transaction permission zones designated by the Ministry of Land, Infrastructure and Transport for the neighboring "Uiwang Ojeon·Wanggok Public Housing Districts." This measure is intended to block speculative demand inflows into adjacent development sites while minimizing inconvenience to residents that could arise from having different designation periods.

The area of Ojeon-dong in Uiwang City designated as a land transaction permission zone

When an area is designated as a land transaction permission zone, transactions exceeding a certain area threshold require approval from the local mayor before any contract can be finalized. The approval criteria are more than 60 m² in residential zones and more than 200 m² in green areas, among others.

Anyone who signs a land transaction contract without approval, or obtains approval through fraudulent means, may face imprisonment for up to two years or a fine of up to 20 million won. Even after acquiring land with proper approval, the property must be used for the permitted purpose for a certain period, and violations can result in an annual enforcement penalty of up to 10% of the land’s acquisition price.

Kim Sunho, head of Gyeonggi Province’s Fair Real Estate Task Force, stated, "As the Omaegi Public Housing District is an area designated for future development where the project is currently underway, it is important to prevent speculative demand inflows until stable progress is made. We will also minimize inconvenience for residents by aligning the designation periods with neighboring development zones."

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