Last month, it was reported that 4 out of 10 completed registrations of collective dwellings in Seoul were purchased by first-time homebuyers.
Analyzing the ownership transfer registration statistics of collective dwellings (apartments, multi-family homes, officetels, etc.) disclosed on the Supreme Court's registration information portal on the 3rd, among the total of 13,087 collective dwellings in Seoul registered by May, the number of registrations by first-time buyers was 5,378, accounting for 41.1% of the total.
This is higher than the previous month (36.2%) and the highest in a year since May last year (41.3%).
Considering that real estate registrations typically occur at least 2 to 3 months after the payment of the balance, it is interpreted that there were many purchases by first-time buyers in the 2 to 3 months prior due to the temporary lifting of restrictions in the Gangnam land transaction permission zone.
First-time homebuyers can receive low-interest policy fund loans from the government, and unlike homeowners with more than one dwelling, they find it relatively easier to obtain mortgage loans from commercial banks. As housing prices began to rise at the beginning of the year, it appears they joined the ranks of buyers. There is also an influence from uncertainties regarding tax policy since the presidential election, which caused the buying momentum of multi-homeowners to slow.
Last month, the proportion of first-time buyers among collective dwelling registrations nationwide was 44.38%, similar to the previous month (44.35%). In the metropolitan area, Gyeonggi Province had the lowest proportion of first-time buyer registrations this year at 44.8%, and Incheon also saw a decline in its proportion of first-time buyers to 47.1%, down from April's 50.3%.
In contrast, in Sejong City, where recent election promises related to the relocation of the presidential office and National Assembly have been made, the proportion of first-time buyers soared to 68.1% in May, up from 38.5% in March and 40.1% in April.
The majority of collective dwellings in Sejong City are apartments, with about 7 out of 10 purchased by first-time homebuyers. This figure is the highest since December 2022, when it recorded 71.2%, marking the peak in 2 years and 5 months.
The number of registrations for first-time buyers of collective dwellings in Sejong City was only 139 in March and 241 in April, but it surged to 801 in May.