First-Time Buyers of Seoul Multi-Unit Buildings in July Hit Highest in 5 Years and 8 Months

The number of first-time buyers purchasing multi-unit buildings, including apartments, in Seoul last month reached its highest level in 5 years and 8 months, according to data.

According to real estate platform Zigbang on August 18, an examination of first-time buyers of multi-unit buildings (apartments, row houses, officetels, etc.) in Seoul using the Supreme Court Registry Information Plaza showed that 7,547 cases were recorded for July as of the 12th.

This represents a 4.7% increase compared to the previous month (7,210 cases) and is the highest level since November 2021 (7,886 cases).

Looking at age groups, purchases by those in their 20s increased from 765 cases in June to 887 cases in July, expanding their share from 10.6% to 11.8%. The share of those in their 30s (3,979 cases to 4,300 cases) also grew from 55.2% to 57.0%, highlighting a prominent increase in purchases among younger generations.

Zigbang stated, "Since relatively relaxed loan criteria are applied to first-time home purchases, this likely affected the purchasing conditions for real demand buyers in their 20s and 30s who have relatively limited financial resources." It added, "It is also possible that a combination of demand shifting toward purchase due to recent shortages in jeonse (lump-sum housing lease) listings and the movements of real demand buyers played a role."

By autonomous district, Eunpyeong-gu accounted for the largest share of first-time purchases in July with 841 cases, representing 11.1% of the total.

Experts analyze that Eunpyeong-gu features a relatively high concentration of price ranges accessible to younger demographics, good accessibility to downtown Seoul via subway lines 3 and 6, and large-scale apartment complexes developed through redevelopment projects, drawing high interest.

Narrowing the scope to apartments alone, the proportion of record-high price transactions for the same complex and same area in Eunpyeong-gu rose continuously from 18.1% in April this year to 28.7% in July.

Other districts with a high number of first-time buyers in July included Nowon-gu (607 cases, 8.0%), Gangseo-gu (526 cases, 7.0%), Songpa-gu (458 cases, 6.1%), and Seongbuk and Guro districts (413 cases each, 5.5%).

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.