Seoul Metropolitan Government Moves to Block Speculation in Moa Town Candidate Areas... Immediately Designates Target Areas as Land Transaction Permit Zones

[Financial News] The Seoul Metropolitan Government will newly designate roads in areas selected as Moa Town candidate sites as land transaction permit zones to prevent speculative forces from entering during the candidate-site selection process.
The Seoul Metropolitan Government announced on the 3rd that, at its 14th City Planning Committee meeting held on the 2nd, it decided to newly designate the roads in areas ultimately selected from among those subject to deliberation at the Moa Town expert advisory meeting scheduled for the 9th as land transaction permit zones.
There have been concerns about speculative transactions around Moa Town target areas, including the practice of dividing and trading shares in privately owned alleyways. Accordingly, the Seoul Metropolitan Government decided to carry out the candidate-site selection process and the land transaction permit zone designation process simultaneously in order to ease market anxiety before and after the candidate-site announcement and prevent speculation at its source.
The areas designated this time will be subject to land transaction permit zone regulations for five years, from the 16th of this month through September 15, 2031. The designation is limited to land classified as 'road' within Moa Town project areas. If a contract to transfer ownership or surface rights is concluded for an area exceeding the permit thresholds—more than 6m2 in residential areas, 15m2 in commercial or industrial areas, or 20m2 in green areas—permission must be obtained from the head of the relevant district office. Obligations to use the land for actual residence or business operations will also be strictly enforced.
The specific areas and locations ultimately selected can be confirmed through a notice in the Seoul Metropolitan Government Gazette on the 11th.
Myoung Nojoon, Director General for Housing of the Seoul Metropolitan Government, emphasized, "By designating land transaction permit zones from the Moa Town candidate-site selection stage, we will proactively block the influx of speculative demand and smoothly advance the redevelopment projects," adding, "We will continue to establish a transparent real estate transaction order through thorough monitoring."

[email protected] Jeon Min-kyung Reporter