South Korea's cabinet has passed a decree which would impose strict restrictions on real estate transactions in areas where the nation's administrative capital will be moved.

Under the new regulations, transactions of all lands larger than 200 square meters would be subject to prior government approval. The current limit for prior approval is 500 square meters.

The measure is aimed at stamping out real estate speculation in the Chungchong province, where offices of the central government will be relocated.

The government is set to select the final site for the new administrative capital by year's end.