It is allowed to designate areas where there are many speculative land transactions or land price is rapidly rising as areas subject to permission for engaging in land transactions.

However, the designation of areas subject to permission of land transaction takes effect 5 days after notification, and during that time, speculative demand flocks in or prices are raised for transactions. As such, there are cases where the effectiveness of such designation is undermined.

In this regard, by stating that the designation of areas subject to permission of land transaction takes effect immediately upon notification, this Act aims to improve the practical effectiveness of such designation.

Details

State that the designation of areas subject to permission of land transaction takes effect immediately upon notification (Article 10 paragraph 5)

Article 10