[Asia Economy Reporter Kim Jin-ho] It has been revealed that the purchase of housing by minors under the age of 19 has significantly increased over the past three years. This is attributed to the so-called 'parent chance,' and there are calls for measures to address asset polarization caused by wealth inheritance.
According to data on 'Housing Purchase Status by Age Group' 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 on the 17th, the number of housing purchases by those aged 19 and under (1-19 years old) from 2019 to August this year totaled 2,006 cases, with a total transaction amount of 354.1 billion KRW.
The Korea Real Estate Board has been publishing housing sales transaction status by age group since 2019. However, the status of those aged 19 and under (1-19 years old) is not disclosed separately but included in the under 29 age group (1-29 years old).
Housing purchases by those aged 19 and under increased 2.2 times from 332 cases in 2019 to 728 cases last year, and this year reached 946 cases by August, already surpassing last year's total transaction volume. The housing transaction amount for those aged 19 and under increased 2.1 times from 63.8 billion KRW in 2019 to 135.4 billion KRW last year. This year, it reached 154.9 billion KRW by August, again exceeding last year's total transaction amount.
According to the Ministry of Land, Infrastructure and Transport's housing fund procurement plan, 59.8% of homebuyers under the age of 10 procured housing funds through gifts, Kim explained. Kim pointed out, "The inheritance of real estate assets through 'family chance' is causing asset gaps from the starting line of life," and emphasized the need to strengthen verification of illicit gifts to minors.
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