"With Loans Blocked, 30s Sell Cryptocurrency to Buy Homes... 10.31 Billion Won in Sales"

Highest Usage Among All Age Groups
Cryptocurrency Added as Funding Source Since February

It has been found that people in their 30s used proceeds from cryptocurrency sales for home purchases more than any other age group.

View of the apartments in Dongbu Ichon-dong, Seoul, as seen from the observatory of the 63 Building. Photo by Hyunmin Kim kimhyun81@

According to data compiled by the Ministry of Land, Infrastructure and Transport and obtained through the office of Kim Jongyang, a member of the National Assembly's Land, Infrastructure and Transport Committee, on May 10, among those who submitted home purchase fund plans between February 10 and March 31, 229 people in their 30s listed cryptocurrency sale proceeds as part of their funding. This accounted for 70.7% of all 324 people who reported using cryptocurrency sales for this purpose. The total amount of cryptocurrency proceeds used by people in their 30s to buy homes amounted to 10.31 billion won, the highest among all age groups.

However, proceeds from cryptocurrency sales made up only 0.1% of the home purchase funds for people in their 30s. The largest portion of their own funds came from real estate sales, which accounted for 18.7%. This was followed by ▲bank deposits at 14.6%, ▲gifts and inheritances at 6.9%, and ▲stock and bond sales at 4.3%.

Meanwhile, the market expects that if the cryptocurrency market remains strong, more young people will use proceeds from cryptocurrency sales to acquire real estate. This is because, in a situation where loans are not easily accessible, more cases are expected where people raise funds for home purchases by liquidating cryptocurrency assets.

By age group, the amounts of cryptocurrency sale proceeds used for home purchases were as follows: 5.495 billion won for people in their 40s, 1.185 billion won for those in their 20s, 1.072 billion won for those in their 50s, and 501 million won for those aged 60 and older.

The home purchase fund plan is a document that discloses the source of funds when buying a house. It must be submitted to the relevant local government within 30 days after signing a sales contract for any home in a regulated area (speculative or price-adjusted areas) or for homes in non-regulated areas with an actual transaction price of 600 million won or more. In addition, for contracts signed after February 10 of this year, an amendment to the Enforcement Rules of the Act on Real Estate Transaction Reporting requires proceeds from cryptocurrency sales to be listed as a separate item in the funding plan. Applicants must also specify the details of the transaction, the timing of the sale, and the details of converting cryptocurrency into Korean won.

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