Ulsan Metropolitan City announced that it will redesignate major development areas, including the KTX Station Area Complex Specialized Complex and the Urban Convergence Special Zone, as land transaction permit zones. In addition, the Yulhyeon District Urban Development Project Site will be newly redesignated as a permit zone. This decision was finalized after deliberation by the Ulsan City Urban Planning Committee held on December 12, 2024, and aims to stabilize the real estate market and prevent speculation.
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[Korean Today] Ulsan City Land Transaction Permit Area Map (KTX Ulsan Station Complex Specialized Complex) © Reporter Hyun Seung-min |
In the newly designated land transaction permit zone, a permit from the Jung-gu District Office or Ulju County Governor is required to conduct land transactions exceeding a certain area. The permit is only for real demanders and is implemented for the purpose of suppressing unnecessary speculative transactions. This is expected to not only facilitate smooth development projects in the region, but also alleviate the economic burden caused by excessive land price increases.
The KTX station area complex special complex is 1,532,460㎡ (757 lots) and will be designated as a land transaction permit zone for one year from February 1, 2025 to January 31, 2026. The downtown fusion special zone is 986,862㎡ (1,020 lots) and will be maintained for three years from February 1, 2025 to January 31, 2028. The Yulhyeon District urban development project site is 687,326㎡ (771 lots) and will be designated as a permit zone for three years from January 29, 2025 to January 28, 2028. This area was redesignated as the permit zone designation of the existing Ulsan Agricultural and Marine Products Wholesale Market Facility Modernization Project site has ended.
The designation of permit zones is made in accordance with Article 10 of the Act on Reporting Real Estate Transactions, etc. The transaction area requiring permits varies by use area. In urban areas, permits are required for transactions exceeding 60㎡ in residential areas, 150㎡ in commercial and industrial areas, and 200㎡ in green areas. In non-urban areas, permits are required for transactions exceeding 500㎡ in farmland, 1,000㎡ in forests, and 250㎡ in other areas.
Ulsan City believes that the designation of land transaction permit zones will greatly contribute to preventing speculative transactions in the region and stabilizing the real estate market. In particular, the KTX station area and the downtown convergence special zone are areas where large-scale development plans are being promoted, and the redesignation of permit zones for these areas is expected to have the effect of suppressing expectations of rising land prices.
In addition, Ulsan City plans to actively guide local residents and actual users to understand the changed transaction requirements according to the designation of the permit zone. Detailed information can be found on the Ulsan Metropolitan City website ( www.ulsan.go.kr ) or through the Land Information Division.
This measure reflects Ulsan City’s will to achieve sustainable development while reducing the economic burden on local residents and creating a stable real estate transaction environment. Ulsan City plans to continue to closely monitor market conditions and swiftly prepare necessary measures.
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