Seoul's first-time homebuyers surge to four-year high. April saw 7,341 first-time buyers register property ownership, the highest since November 2021, as multiple-home owners rush to sell non-primary properties before capital gains tax relief expires. Increased mid-priced housing supply in outer districts and stricter mortgage caps on expensive homes are driving demand among younger buyers. Those in their 30s represent 57.6% of purchases. Tighter lending rules limiting mortgages on homes above 2.5 billion won to just 200 million won are pushing buyers toward affordable segments. Declining jeonse rental options and rising deposit costs further incentivize renters to leverage borrowing capacity for home purchases in less volatile markets.
