Panic Buying Spreads to Non-Apartments... "One in Four of 4 Houses Bought by 2030 Generation"

[Asia Economy Reporter Onyu Lim] It has been revealed that the 2030 generation purchased one out of every four non-apartment units?including detached houses, multi-family houses, and row houses?traded in Seoul during the first half of this year.

On the 10th, real estate information platform Dabang analyzed monthly buyer age group data for non-apartment properties in Seoul from the Korea Real Estate Board. Among the 43,444 non-apartment transactions in Seoul during the first half of this year, those in their 20s and younger and those in their 30s accounted for 24.6% (10,678 households). This is a 5.1 percentage point (p) increase compared to the first half of last year (19.5%). Buyers aged 20 and under purchased 3,274 households, while those in their 30s bought 7,404 households.

By age group, those in their 50s accounted for the largest share at 19.2% (8,326 households). However, compared to the first half of last year, the purchase share of those aged 20 and under and those in their 30s increased by 2 p and 3.1 p respectively, while the share of those in their 50s decreased by 2.1 p.

The areas with a high purchase share by the 2030 generation were Mapo-gu (35.4%), Yongsan-gu (34.2%), and Yangcheon-gu (31.9%), which are close to central business districts.

All of these areas offer easy access to downtown business districts such as City Hall, Jonggak, and Euljiro via public transportation, and are expected to see increased residential value in the future due to urban renewal projects like redevelopment and reconstruction, as well as large infrastructure projects such as the Metropolitan Area Express Train (GTX).

Seongdong-gu (29.6%), Gangseo-gu (29%), and Seocho-gu (28.5%), where commuting to the Gangnam area is convenient, also had a higher 2030 purchase share than the Seoul average.

Additionally, despite a decrease in apartment sales transactions in Seoul compared to last year, non-apartment transactions actually increased.

Seoul apartment sales recorded 48,298 transactions in the first half of last year but dropped by 39.1% to 29,399 transactions in the first half of this year. In contrast, non-apartment sales increased by 6.8% year-on-year in the first half of this year.

A Dabang official stated, "Due to the sharp rise in apartment sale and jeonse prices in Seoul, homebuyers with limited financial resources appear to have purchased alternative housing products such as villas. Although these non-apartment properties near downtown areas have weaker product competitiveness than apartments, they attracted significant interest due to their locational competitiveness."

This content was produced with the assistance of AI translation services.