260,706 First-Time Home Buyers This Year 'All-Time Low'

Seoul Experiences Largest Drop... First-Time Home Purchases by 2030 Generation Also Decrease

[Asia Economy Reporter Noh Kyung-jo] Due to the global trend of interest rate hikes and concerns over falling housing prices, real estate transactions have decreased, resulting in the lowest-ever number of first-time real estate buyers this year, according to a recent investigation.

On the 31st, real estate information provider Economy Man Lab examined the number of first-time real estate (apartment buildings, land, buildings) buyers from the court registry information plaza. From January to July this year, the number of first-time real estate buyers nationwide was 267,066, a 37.7% decrease compared to the same period last year (428,789). This is the lowest figure recorded since related statistics began being compiled in 2010.

By region, Seoul experienced the largest decline. The number of first-time real estate buyers in Seoul was 29,328, down 47.5% from 55,897 in the same period last year. In Gyeonggi Province, the number fell 46.3%, from 138,878 to 74,589 during the same period.

Following were ▲Incheon 18,251 ▲Busan 12,535 ▲Daegu 9,395 ▲Gwangju 7,308 ▲Daejeon 7,326 ▲Ulsan 4,534 ▲Sejong 5,104.

The number of first-time real estate buyers among the 20s and 30s age group also sharply declined, reaching a record low. Of the total 267,066 buyers, 133,702 were in their 20s and 30s, a 40.6% decrease compared to 225,141 in the same period last year.

Hwang Han-sol, a research fellow at Economy Man Lab, said, "With additional base rate hikes expected by the end of the year, the real estate market is likely to remain sluggish for some time, and especially the first-time real estate purchases by the 20s and 30s generation, who relatively rely on loans, are expected to decrease significantly."