The area surrounding the Gwangju military airport site has been designated a land transaction permit zone under the government's mega-project plan.
The South Jeolla-Gwangju Integrated Special City said the Ministry of Land, Infrastructure and Transport on Thursday designated 224 neighborhoods across eight cities and districts near the Gwangju military airport site — covering a total of 364.19 square kilometers — as a land transaction permit zone under Article 10 of the Act on Real Estate Transaction Reporting.
The designation aims to block speculative land transactions driven by development expectations following the government's decision to build a Honam-region semiconductor cluster on the Gwangju military airport site.
The designation runs from July 14 through July 13, 2028 — a period of two years — and covers neighborhoods within a 10-kilometer radius of the Gwangju military airport site. State- and publicly owned land, existing land transaction permit zones and already-developed areas are excluded.
The boundaries were drawn to maximize the effectiveness of the designation and ensure the mega-project proceeds without disruption, taking into account changes in land demand, the potential for land price increases, and administrative boundaries and lifestyle zones.
Within a land transaction permit zone, anyone seeking to trade land above a certain size must obtain prior approval from the relevant city mayor, district mayor or county governor, and must use the land for the approved purpose for a set period after the transaction. The designation is intended to encourage transactions driven by genuine demand; actual end-users may proceed after receiving the required permit.
The South Jeolla-Gwangju Integrated Special City said it plans to continue working with the Ministry of Land, Infrastructure and Transport and other relevant agencies to monitor real estate market trends and provide full administrative support for the stable advancement of the mega-project.
"The mega-project is a core national strategic initiative that will drive South Korea's future growth engine," South Jeolla-Gwangju Integrated Special City Mayor Min Hyeong-bae said. "We will thoroughly block speculative demand, establish a sound real estate transaction order, and actively support the project so it can proceed without any setbacks."
sij@heraldcorp.com
