Young People Buy Record Number of Apartments in Seoul

      August 13, 2021 08:48

      Young people are buying more apartments in Seoul than ever before even as overall apartment sales have fallen. Given the exorbitant prices, many must have been bought for them or in their name by their parents.

      According to the Korea Appraisal Board last week, 5.5 percent of the 4,240 apartments that were bought in Seoul in June went to people under 30. The proportion increased from 5.1 percent last October.

      The biggest proportion was in affordable Yeongdeungpo district at 11.6 percent, followed by Jongno (9.7 percent), Gangnam (eight percent), Geumcheon (7.8 percent), Seodaemun (7.5 percent) and Dobong (7.4 percent), Guro (7.1 percent), Jungnang (7.1 percent), Gwanak (6.6 percent) and Nowon (6.1 percent).

      But the proportion of young people who bought high-end apartments in Gangnam has also risen sharply, from 4.2 percent in April to eight percent in June.

      Most appear to have been bought by rich parents who either wanted to lay in a nest egg for their children or avoid having their own name on the registration papers and pay higher taxes.

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