1020 Seoul apartment purchase record breaking… increase in pass-through

Despite the government’s warning of a ‘high house price’, it was found that the panic buying phenomenon among young people could not be put to rest. The proportion of purchases of apartments in their 20s and younger in Seoul broke a new high for two months in a row.

According to the Korea Real Estate Agency on the 7th, out of 4,240 apartment transactions in Seoul in June, the proportion of people in their 20s and younger accounted for 5.5% (233 cases). This is the highest figure since the Real Estate Agency released the statistics in January 2019. After breaking a new high of 5.4% in May, it broke the all-time high for two months in a row.

Youngdeungpo-gu (11.6%) had the highest percentage of purchases by those in their twenties, exceeding 10%, followed by Jongno-gu (9.7%), Gangnam-gu (8.0%), and Geumcheon-gu (7.8%).

It is pointed out that polarization is deepening due to the inheritance of wealth, as it is not easy for even people in their 20s with high incomes to afford apartment prices in Seoul only with loans from financial institutions. It is rumored that home buyers in their 20s and younger often need parental financial support, so some real estate agents teach their children how to avoid gift tax by using a loan certificate and receiving interest.

Park Won-gap, senior real estate expert at KB Kookmin Bank, said that there are people in their 20s who use ‘parent’s chance’ to buy a house in Seoul or inherit an expensive apartment as a gift, but there are more cases where it is difficult to raise a deposit for the jeonse because they cannot expect help from their parents.” “We need to stabilize house prices by providing sufficient housing along with strengthening surveillance for illegal activities,” he said.

[ⓒ 세계일보 & Segye.com, 무단전재 및 재배포 금지]