Last Year, 118,000 Multi-Homeowners Owning 5 or More Houses Hit Record High

Statistics Korea Releases Detailed Data of '2019 Housing Ownership Statistics' on the 23rd

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Despite the government's stringent multi-homeowner regulations, the number of multi-homeowners owning five or more houses last year reached an all-time high. This represents a 0.75% (883 persons) increase from the previous year (117,179 persons), marking the highest figure since statistics began in 2012.

According to detailed data from the '2019 Housing Ownership Statistics' released by Statistics Korea on the National Statistical Portal on the 23rd, as of November 1 last year, there were 118,062 people owning five or more houses.

The number of owners with five or more houses was 86,288 in 2012 and first exceeded 100,000 in 2015 with 104,548. Despite the Moon Jae-in administration implementing a total of 24 real estate measures, the number of multi-homeowners with five or more houses has continued to increase from 114,916 in 2017 to 117,179 in 2018, and to about 118,000 last year.

The number of multi-homeowners owning ten or more houses also reached a record high of 42,868, a 0.10% (45 persons) increase from one year earlier (42,823). The number of owners with ten or more houses first entered the 40,000 range in 2015 with 41,036.

The number of owners classified as the largest multi-homeowners, owning 51 or more houses, also increased by 4.35% (82 persons) from 1,882 a year earlier to 1,964. After peaking at 2,907 in 2015, the number of owners with 51 or more houses gradually decreased to 2,680 in 2016, 1,988 in 2017, and 1,882 in 2018, but rose again last year.

Despite the government reducing loans and raising the comprehensive real estate tax on multi-homeowners, the number of house owners is increasing. On the other hand, the number of households without any owned houses also increased.

Among the 20,343,188 general households last year, 8,886,922 households, or 43.6%, did not own a single house. This is a 1.6% (141,640 households) increase from 8,745,282 households the previous year.

In particular, in Seoul, the number of such households increased by 2.4% (46,171 households) from 1,955,343 to 2,001,514. Among the 17 cities and provinces nationwide, Seoul was the only region where the number of households without houses (2,001,514) exceeded those owning houses (1,894,875).

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