SEOUL — Over 40 percent of real estate buyers in Seoul this year were first-time homebuyers, marking the highest proportion since data compilation began in 2010. Despite tight loan curbs, individuals in their 30s have become the market's core demand sector, snatching up mid-to-low-priced properties in northern Seoul by utilizing relaxed policy loans and exceptions allowing "gap investments" for non-homeowners.

According to the Supreme Court’s registry data on June 11, first-time buyers accounted for 32,843 cases out of 72,025 total real estate registrations in Seoul from January to May, reaching 45.6 percent. This share rose steadily from 35.8 percent in 2024 to 38.0 percent last year, as broader lending regulations pushed buyers toward lenient state-backed loans tailored specifically for first-timers. The ratio hit 42.1 percent in January and peaked at 48.7 percent in April.

A key driver was the government's measure allowing non-homeowners to purchase homes with existing leases (gap investment) to prevent a supply freeze ahead of the expiration of tax relief for multi-homeowners on May 9. Consequently, zero-homeowners bought 73 percent of Seoul apartments sold by multi-homeowners, a sharp increase from 56.1 percent last year.

Buying was heavily concentrated in affordable northern districts. Nowon District saw the highest first-time buyer ratio at 60.6 percent, followed by Seongbuk (59.8%), Gangbuk (57.2%), and Seodaemun (55.2%). Conversely, expensive areas remained financially out of reach; Gangnam posted the lowest first-time buyer ratio at 31.6 percent, followed closely by Seocho (32.7%) and Yongsan (33.4%).

Thirtysomethings led this wave, making up 56.1 percent of all first-time buyers this year, a sharp rise from last year's 49.8 percent average. This is the first time the 30s age group has surpassed the 50 percent threshold since 2010.

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