"Buy Now or Never" Fear... Half of First-Time Homebuyers in Seoul Are in Their 30s

People in their 30s reach 49.8%...highest since statistics began
Impact of policy loans favorable to young buyers
Anxiety over rising home prices further fuels buying sentiment

Last year, people in their 30s accounted for half of all first-time buyers of collective buildings (including apartments, multi-family housing, and officetels) in Seoul. Despite the government's lending regulations and the burden of high interest rates, growing anxiety over rising home prices appears to have concentrated "first home" demand among people in their 30s, who rushed into the market using policy loans.

A view of apartment complexes in downtown Seoul seen from Namsan.

An analysis of the age distribution of first-time buyers (based on registration records) of collective buildings in Seoul, disclosed on the Supreme Court’s Registry Office portal on the 19th, shows that out of a total of 61,161 first-time registrations, buyers in their 30s accounted for 30,482 cases, or 49.84%, nearly half. This is close to 4 percentage points higher than the 45.98% recorded in 2024, and it is the highest proportion since 2010, when the Supreme Court began releasing these statistics.

The share of buyers in their 30s had fallen to 36.66% in 2022, when the Bank of Korea implemented a big step (a policy rate hike of at least 0.5 percentage point) and housing prices declined. It then rose to 42.93% in 2023 and has been on an upward trend for three consecutive years.

Use of policy funds under lending curbs and anxiety over rising home prices

Although the government implemented strong lending regulations last year, including the June 27 and October 15 measures, "policy finance" is cited as the main reason for the sharp increase in the share of buyers in their 30s. The bar for ordinary mortgage loans has been raised, but government support programs such as home purchase funds for newlyweds and the special Didimdol loan for newborn households, which are relatively free from regulations, have effectively served as the only entry route for people in their 30s. Some analysts also point out that the high barrier to entry in the housing subscription market, combined with anxiety over rising home prices, has pushed people in their 30s toward purchases.

Share of all other age groups declines across the board

By contrast, the share of buyers in other age groups declined across the board. The share of buyers in their 40s shrank from 24.05% in 2024 to 22.67% last year, while the share of buyers in their 20s fell from 11.0% in 2024 to 10.64% last year. The share of buyers in their 50s, which stood at 12.6% in 2024, dropped to 9.89% last year.

Although overall transaction volume has decreased since the October 15 measures, the share of people in their 30s among first-time buyers has remained high in January this year as well. Of the 15,757 collective building transactions registered in Seoul through purchase in January this year, 6,554 (42.08%) were first-time buyer registrations, and people in their 30s bought 3,520 of these, accounting for 53.71% of the total.