Multiple-Home Owners Make Properties over to Children

      July 24, 2020 13:11

      A record number of apartments were nominally gifted across the country in the second quarter amid tougher curbs on multiple-home owners.

      Instead of paying the exorbitant taxes they are threatened with, many savvy owners of multiple homes simply put spare ones in the name of their children.

      According to the Korea Appraisal Board on Wednesday, a total of 18,696 apartments were gifted during the April-June period across the country, the most since records began in 2006. The previous record was 18,259 in the third quarter last year.

      The breakdown makes the trend even clearer. Some 4,425 apartments were gifted in Seoul, fully double the 2,274 a year earlier. And upscale Gangnam topped the list with 647 gifts, followed by Seocho (500) and Gangseo (352).
      The trend is expected to continue.

      "Many clients are saying they're willing to gift their homes to children before the government increases gift and acquisition taxes," a tax accountant said. "Believing that apartment prices will keep going up, they want to gift assets to children rather than selling them."

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