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Seoul won't expand land transaction permit zones, mayor says

Published: 29 Sep. 2025, 12:53 Updated: 29 Sep. 2025, 19:29

Seoul Mayor Oh Se-hoon talks about the city's housing supply plans at a press briefing in Seoul City Hall in Jung District, central Seoul, on Sept. 29. [YONHAP]

Seoul Mayor Oh Se-hoon said Monday the city has no plans to expand land transaction permit zones, a system that restricts speculative real estate purchases in designated areas.

"The government’s Sept. 7 housing supply plan includes a provision granting the Ministry of Land, Infrastructure and Transport authority to designate land transaction permit zones," Oh said at a press briefing on housing supply measures held at City Hall in central Seoul.

The Land Ministry announced on Sept. 7 that the government will build homes in Seoul and tighten lending rules to curb property speculation.

Oh added that Seoul “will continue to closely monitor market conditions while cooperating with the central government.”

The city also announced Monday a new housing supply plan aimed at shortening the redevelopment process from 18.5 years to 12 years by streamlining administrative procedures. Under the plan, Seoul aims to start construction on 310,000 housing units by 2031, including 198,000 units in the Han River Belt.

When asked about concerns that the policy could fuel speculative investment in prime areas such as the Han River Belt and the affluent Gangnam districts, Oh said, “In the short term, it is not entirely impossible that such trends may appear.”

However, he stressed that “in the long run, the city’s efforts to increase housing supply will play an important role in stabilizing real estate prices.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY KIM EUN-BIN [[email protected]]