'Better to Give Than Sell Due to Regulations'... Annual Real Estate Gifts by 2030 Generation Exceed 3 Trillion Won

2030 Building Gift Report Status (Provided by Office of Assemblyman Kim Sang-hoon)

[Asia Economy Reporter Lee Chun-hee] It has been revealed that the scale of real estate gifted to people in their 20s and 30s exceeds 3 trillion won in a single year. In particular, since the Moon Jae-in administration strengthened various real estate regulations, the number of gifts and the amount of gifted assets have shown a continuous upward trend.

According to the 'Recent 5-Year Status of Real Estate Gifts by Generation' submitted by the National Tax Service to Kim Sang-hoon, a member of the National Assembly Land, Infrastructure and Transport Committee from the People Power Party, the number of buildings such as houses and buildings inherited by people in their 20s and 30s in 2018 was 14,602 cases, amounting to 3.1596 trillion won.

In particular, the number and amount of gifts showed a sharp increase starting from 2017, when the current government took office. The number of real estate gifts to the 20s and 30s generation, which was 8,174 cases in 2016, jumped to 9,856 cases in 2017, and then surged by 48.1% (4,746 cases) to 14,602 cases in 2018, surpassing 10,000 cases.

The increase in amount was even steeper. It rose continuously from 1.2843 trillion won in 2016 to 1.8906 trillion won in 2017, and then to 3.1596 trillion won in 2018.

Assemblyman Kim pointed out, "The Moon Jae-in administration's transaction regulations and the failure to curb rising house prices have caused a balloon effect of a surge in gifts to the 2030 generation, the children’s generation," and added, "Since the issue of housing asset polarization between young people who inherited houses and those who did not will emerge, measures need to be discussed from now on."