Minors Also 'Big Spenders'... 470 Billion KRW Spent on Housing Purchases Over 3 Years

Kim Hoe-jae, Democratic Party Lawmaker, "Massive Asset Growth Using Parent Chance"

[Asia Economy Reporter Kim Hye-min] Over the past three years, the number of housing purchases by minors has reached 3,000 cases, with the total housing purchase amount exceeding 470 billion KRW.

On the 14th, according to the 'Minors' Housing Purchase Status' received by Kim Hoe-jae, a member of the National Assembly Land, Infrastructure and Transport Committee from the Democratic Party of Korea, from the Korea Real Estate Board, the number of housing purchases by minors (Korean age 19 and under) from 2019 to March this year was counted at 2,718 cases. The total housing purchase amount reached 474.9 billion KRW.

The number of housing purchases by minors has steadily increased from 332 cases in 2019, when statistics on housing purchases by age group began to be compiled, to 728 cases in 2020, and 1,410 cases in 2021. During the same period, the housing purchase amount increased from 63.8 billion KRW to 135.4 billion KRW, and then to 234.5 billion KRW. This year, until March, 249 cases of housing purchases worth 41.2 billion KRW were made.

The number of housing purchases by preschool children aged 7 and under has also increased, with 29 cases in 2019, 104 cases in 2020, and 207 cases in 2021. The total housing purchase amount is 57.1 billion KRW.

Assemblyman Kim Hoe-jae said, "The ladder of social mobility is being cut off due to massive asset income using parents' chances," and added, "The government needs to take a more active role in supporting asset formation for the youth to alleviate the disparities that start from the starting line of life."

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