The government has expanded its real estate regulations to cover all of Seoul and 12 areas of Gyeonggi Province.

The land ministry, finance ministry and Financial Services Commission announced the move during a ministerial meeting at the government complex in Seoul on Wednesday.

According to the announcement, 21 districts of Seoul and 12 areas of Gyeonggi have been newly classified as “speculative” districts subject to tighter lending rules, as well as land transaction permit zones.

The decision brings the entire capital under regulation; previously, Seoul's districts of Gangnam, Seocho, Songpa and Yongsan held the status.

The speculative zone designation takes effect on Thursday. 

Starting October 20, when the land transaction regulations take effect, those seeking to buy or sell property within the designated area must first obtain governmental permission.