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National Assembly Legislation

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  • Act on Report on Real Estate Transactions, etc.
    • Competent Ministry : Ministry of Land, Infrastructure, and Transport
    • Advance Publication of Legislation : 2021-02-24
    • Opinion Submission Deadline : 2021-03-10
Reasons for Proposal

The current Act imposes on aliens the same obligation to file a report of land acquisition as Korean citizens, Provided, that where any person intends to acquire land inside a military base and installation protection zone, cultural heritage protection zone, ecological and scenery conservation area, etc., he/she is required to obtain permission from the head of the relevant Si/Gun/Gu as an exception. 

However, it is necessary to include scenic districts, which are designated to conserve, manage, and create scenery, in areas subject to land transaction permission for aliens, so as to effectively protect the national territory from speculative land acquisition and unsustainable development by aliens, pursuant to the “National Land Planning and Utilization Act.” 

Therefore, the Amendment aims to add the scenic districts under Article 37 (1) 1 of the “National Land Planning and Utilization Act” to the areas subject to land transaction permission for aliens so as to protect scenic districts from speculative land acquisition by aliens and contribute to the conservation of scenery of the national territory (Article 9 (1) 5 newly inserted). 


Major Provisions

Article 9

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