Fewer Than 20,000 First-Time Homebuyers in September
Lowest in Over 9 Years Since January 2013
Buying Momentum of 2030 Generation Leading Yeongkkeul Also Slows
Seoul Records Highest Decline in Real Estate Purchases from January to September This Year
[Asia Economy Reporter Hwang Seoyul] The number of non-homeowners attempting to purchase their first home has fallen below 20,000 for the first time in over nine years. The 2030 "Young Chul" generation, who had driven the real estate market last year, has also halved compared to the previous year due to the market downturn, seemingly waiting for the right moment.
According to the Korea Court Registry Information Plaza on the 12th, the number of first-time real estate buyers last month, based on collective buildings (officetels, apartments, row houses, multi-family houses, etc.), was recorded at 19,975. This is the first time since January 2013 (15,000) that the number of first-time real estate purchases has dropped below 20,000, marking the lowest ever. However, considering that the figures include cases where registration has been completed among the submitted applications, the number may increase later.
This year, the figure has fallen below 30,000, but last month was the first time it dropped below 20,000. The number was 30,521 in January, then dropped to 28,314 in February, and further decreased to 25,000 in August.
In particular, the buying power of the 2030 generation, which led the "Young Chul" purchases last year, has completely withered. The number of 2030 buyers was 10,844, also the lowest since January 2013 (8,067). In September last year, it was recorded at 21,824, showing a drop of about 11,000, halving in just one year.
Regionally, the real estate buying power of the 2030 generation in Seoul has clearly decreased. The number of 2030 buyers in Seoul from January to September this year (37,547) decreased by 53.22% compared to the same period last year (17,565), showing the highest decline rate nationwide. This is attributed to the average apartment sale price in Seoul exceeding 1.1 billion KRW, the highest in the country, and the growing expectation of a price drop, which has increased the wait-and-see attitude.
The next highest decline rates were in ▲Busan 43.27%, ▲Gyeongbuk 42.44%, ▲Gyeonggi 41.43%, and ▲Incheon 36.55%, respectively.
During the same period, the overall buyers by age group in Seoul also showed a 48.90% decrease compared to the previous year, nearly halving. Gyeongbuk (48.15%) ranked second, followed by ▲Gyeonggi (48%), ▲Busan (44.25%), and ▲Incheon (34.77%), showing a similar order to the 2030 generation's decline rates.
Meanwhile, last month, the number of first-time real estate buyers by age group was ▲under 19 years old: 41 ▲20 to under 30 years old: 2,981 ▲30 to under 40 years old: 7,863 ▲40 to under 50 years old: 4,757 ▲50 to under 60 years old: 2,633 ▲60 to under 70 years old: 1,328 ▲70 years and older: 372.
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