6.15㎢ of the area around Geomam Station in Seo-gu, Incheon will be removed from the land transaction permit zone for the first time in six years. Incheon City announced on the 1st that it would lift the land transaction permit system for the area from the 5th.
The Geomam Station area, which was designated in 2018 to expand housing supply in the metropolitan area, required permission from the district mayor for land transactions, but with this release, land transactions have become free. In addition, the land use obligation for the 38 parcels of land approved before the cancellation has disappeared, which is expected to further increase land utilization.
The area around Geomam Station was designated as a land transaction permit area as the development of public housing land with 7,800 units was underway. However, as compensation has been completed and the surrounding real estate market has stabilized, the need to lift regulations has been raised.
This lifting is expected to go beyond simple deregulation and accelerate regional development and contribute to revitalizing the real estate market. In particular, as the development of the Geomam Station area begins in earnest, it is expected to have a positive impact on revitalizing the local economy.
With this release, the land transaction permit area in the Incheon region was reduced to 5.43㎢ in the Guwol 2 public housing district, including Seonhak-dong in Yeonsu-gu and Guwol, Namchon, and Susan-dong in Namdong-gu. Incheon City plans to review whether to lift the ban by comprehensively considering the project progress in the area.
Real estate experts said, "The lifting of the land transaction permit zone in the Geomam Station area will raise expectations for regional development and revitalize the real estate market. However, the government needs to prepare additional policies to prevent the real estate market from overheating." pointed out.
The lifting of the land transaction permit zone in the Geomam Station area is expected to have a significant impact not only on the Seo-gu area of Incheon but also on the entire real estate market in Incheon. In the future, as the development of the Geomam Station area begins in earnest, it is expected that the status of Incheon Seo-gu will further increase along with the revitalization of the local economy.
[Copyright (c) Global Economic Times. All Rights Reserved.]
