Seoul housing first-time home purchases surge to the highest level in 12 years

As Seoul's rental shortage deepens, home purchases by owner-occupiers without a house are accelerating. Last month, the share of first-time buyers in apartment sales reached its highest level in 12 years and five months.
According to the Court Registration Information Plaza on the 2nd, among 11,892 multi-unit homes, including apartments, row houses and officetels, that completed ownership transfer registration through sales in Seoul last month, 5,973 were first-time buyers. That accounted for 50.2% of the total. It was the highest level since December 2013, when the figure stood at 53.7%.
The share of first-time buyers among Seoul's sold multi-unit homes has been on the rise since late last year. It stood at 35% in October last year, rose to 38.4% in November and 42.2% in December, and climbed further to 43.8% in April this year.
By district, buying activity was especially strong in outlying areas with mid- to lower-priced apartments under 1.5 billion won. Nowon District recorded the most purchases at 457, followed by Gangseo District with 437. By age group, people in their 30s accounted for the largest share at 3,383. The rise in first-time buying is being attributed to rapidly increasing jeonse prices, which have led many to conclude that it is better to buy a home instead. Relatively easier access to loans also appears to have played a role.
act@fnnews.com Choi A-young Reporter