Gyeonggi Province is launching a follow-up investigation into land use for property acquired within land transaction permit zones. The measure aims to curb speculative transactions and encourage land use consistent with the permitted purpose.
The province said Monday it will conduct the follow-up land use investigation through December, targeting land acquired under transaction permits that still have remaining mandatory-use periods. The investigation covers land by permitted purpose, including residential, agricultural cultivation, forestry, and development projects.
In land transaction permit zones, acquiring land above a certain size requires approval from the relevant city or county. After receiving the permit, the land must be used for the permitted purpose for a set period. A two-year mandatory-use period applies to residential and agricultural use, and four years for development projects.
The province will examine actual use together with 31 cities and counties. For land designated for the owner's own residence, it will check whether the owner moved in within the required months after the permit and whether the owner actually resided there for two years after acquisition. For agricultural cultivation land, it will determine actual cultivation in consultation with farmland departments. For forestry and development project land, it will verify use consistent with the permitted purpose together with forestry departments and other relevant agencies.
The province will also review the progress of investigations by each city and county from October through November. It plans to request supplementary measures from cities and counties where the investigations are found lacking.
According to Gyeonggi Province, land transaction permit zones within the province totaled 7,280.26 square kilometers as of July 5. This corresponds to approximately 71% of the province's total area.
If the investigation confirms that land was used differently from its permitted purpose, the relevant city or county will issue a compliance order. If the situation is not corrected thereafter, an enforcement fine of up to 10% of the land's acquisition value may be imposed under the relevant law.
"For areas of speculation concern, we are pursuing designation as land transaction permit zones in cooperation with central government agencies," a Gyeonggi Province official said. "We will also thoroughly manage follow-up to ensure that permitted land is used for its intended purpose."
