Seoul First-Time Homebuyers Hit Record High Amid Rising Jeonse and Monthly Rent Prices

[Economy 365]

The proportion of people buying a home for the first time in Seoul reached an all-time high last month.

According to the Supreme Court Registry Information Plaza, 9,343 people purchased aggregate buildings such as apartments, row houses, and officetels for the first time in Seoul in August.

This represents a 16.7% increase from the previous month, marking the highest figure in six years since August 2020.

First-time buyers accounted for 53.8% of all aggregate building sales registrations, exceeding the 50% mark for the first time since relevant statistics began being published in 2010.

By age group, people in their 30s accounted for 52% of the total with 4,855 cases, more than twice the number for those in their 40s.

A separate analysis of fund-raising plans showed that housing purchase amounts by people in their 30s reached 39.5984 trillion won this year, the highest among all age groups.

Among this amount, 15.8724 trillion won, or 40.1%, was secured through loans from financial institutions.

The market views that rising jeonse (lump-sum housing deposits) and monthly rent prices, along with anxieties over housing supply shortages, have driven purchases by people in their 30s.

*This article was produced with AI audio.
※ Please note: This article was translated by AI and may contain errors.