Transaction share under 30s at 40.7% last month... Over 40% for two consecutive months
Half of transactions in Seodaemun, Seongbuk, Gangseo districts by under 30s... Gangnam and Seocho below 30%
[Asia Economy Reporter Jo Gang-wook] Despite the deepening drought in apartment transactions in Seoul, the 'panic buying' phenomenon among the 2030 generation has been steadily continuing.
According to the monthly apartment transaction status from the Korea Real Estate Board on the 2nd, the number of apartment sales in Seoul last month (based on the reporting date) was 4,240, a 16.7% decrease from the previous month (5,090). Apartment transactions in Seoul decreased from 8,764 in December last year to 5,945 in January this year, a sharp drop of 32.2%, followed by 5,435 (-9.4%) in February, 4,495 (-17.3%) in March, and 4,194 (-6.7%) in April. After a brief increase in May, the number fell again last month.
Looking at last month's apartment transactions in Seoul by age group, the age group that purchased the most apartments was those in their 30s (1,491 cases), accounting for 35.2% of the total. This was followed by those in their 40s (192 cases), 50s (598 cases), 60s (359 cases), 70 and above (261 cases), and 20s and below (233 cases). The transaction share of those in their 30s recorded the highest since the Korea Real Estate Board began publishing age-specific statistics in 2019, at 39.6% in January this year, and has since maintained between 34% and 37% with 35.9% in February, 36.1% in March, 34.1% in April, 36.7% in May, and 35.2% in June.
The number of apartment buyers aged 30 and below was 1,724, accounting for 40.7% of the total. Although slightly down from 42.1% recorded in May, it maintained the 40% level for two consecutive months. Their transaction share first rose to the 40% range in August last year at 40.4%, peaked at 44.7% in January this year, maintained around 40% with 40.1% and 40.6% in February and March, slightly dropped to 39.3% in April, and returned to the 40% range in May.
By region, the transaction share of those aged 30 and below exceeded half in three autonomous districts: Seodaemun-gu (52.2%), Seongbuk-gu (51.0%), and Gangseo-gu (50.6%). Ten other districts also exceeded 40%, including Nowon-gu (49.1%), Jungnang-gu (48.4%), Yeongdeungpo-gu (48.3%), Seongdong-gu (47.2%), Jung-gu (46.9%), Mapo-gu (44.9%), Gangbuk-gu (42.6%), Gwanak-gu (42.1%), Dongdaemun-gu (41.8%), and Geumcheon-gu (40.0%).
On the other hand, in Gangnam and Seocho-gu, where high-priced apartments are common, the purchase share of those aged 30 and below was 29.9% and 28.4%, respectively, not even reaching 30%. Guro-gu also recorded 29.8%.
It is analyzed that the procession of home purchases by those aged 30 and below continues in the outskirts with many mid-to-low-priced apartments and in relatively convenient downtown areas for commuting.
At the national level, transactions where buyers are aged 30 and below accounted for 17,188 cases, or 29.7% of the total (57,861 cases). Gyeonggi-do (35.4%) exceeded 30%, and Busan (29.7%), Incheon (29.6%), Daejeon (31.9%), Ulsan (28.0%), and Sejong (29.6%) were close to 30%.
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