Green Belt Restrictions Will be Lifted

Green belts, which have been placed in Seoul, Pusan and other metropolitan areas for 27 years, were an attempt to curb rampant development. Many of their restrictions will now be lifted from the government's control.
The Ministry of Construction and Transportation announced their 'Reform measures on Development Restricted Areas' on November 24 which releases a good size of territory to developers.
The Ministry plans to conclude a final settlement by the end of this year.
If the plan unfolds as the government intents, cities such as Jinju, Choonchun, Chonju, Cheju, Tongyong, Masan and Changwon will see the first easing of restrictions.
Seoul's Jinkwan dong and Pusan's Daejeo dong along with 44 other areas in the nation might also be allowed to be developed.
The government will analyze 14 wide areas in the nation in terms of population, size of green or undeveloped land and pollution levels before determining an official announcement.
Possible new regulations for green belt lands will limit the building-to-land ratio to 20% and the number of floors to a maximum of five.
Furthermore the Ministry will prevent anticipated large amount of real estate speculation by taxing the profits on land sales. The Tax Administration Agency will impose a gains tax if they determine speculators are manipulating the market.
The green belt system was introduced in 1971 when the former president Park Chung Hee was in power, for the preservation of the environment, manage city planning and for reducing thoughtless development.
President Kim Dae Jung promised to free most of those restricted lands in order to recover the general public's property rights during last year's presidential election.
England was the first country to introduce the green belt concept in 1947 and currently 12% of the land in United Kingdom is protected. Canada, the U.S. and Japan also have extensive green belt areas in place.