Multi-homeowners sell homes as the multiple-homeowner index falls for the 13th straight month

The share of owners of multi-unit properties nationwide (apartments, officetels and villas) who own two or more units fell for 13 consecutive months, from October last year through October this year. The main reason is believed to be the current government’s increasingly stringent policies on owners of multiple homes.
According to the Registry Information Plaza on the 11th, the multiple-homeowner index stood at 15.918 in October this year and has been on a steady decline since October last year. The index was 16.435 in August 2025, then rose by 0.001 to 16.436 in September, but has not rebounded once since. The multiple-homeowner index is the proportion of owners of multiple homes—those who own two or more units—among all owners of multi-unit properties.
The statistics show that the 13-month decline is the longest such stretch in the past five years. The previous longest stretch lasted 15 months, from August 2020 through October 2021. However, even during that period, the index did not fall below 16.
The current government’s restrictions on owners of multiple homes are behind the decline in the multiple-homeowner index. Specifically, the higher capital gains tax rates for multiple-home owners, reinstated on May 9, are seen as a factor. Restrictions on extending the maturity of mortgages held by multiple-home owners are another major policy that has prompted them to sell. The tax reform package due to take effect next year is also influencing multiple-home owners to change their holding strategies. The government has decided to overhaul the Comprehensive Real Estate Holding Tax system, shifting its focus from the number of homes owned to the value of homes held and whether they are occupied by their owners.
Professor Ko Jun-seok of Yonsei University said, “Without the regulations, there is virtually no other reason [for the number of multiple-home owners to decline],” adding, “First of all, the fact that gap investing has been blocked is a major factor.”
The problem is that the decline in the number of multiple-home owners is leading to instability in the jeonse and monthly-rental market. Jeonse listings have fallen from around 23,000 early this year to around 22,000 now.
[email protected] Kwon Jun-ho Reporter