South Korea multi-homeowner ratio hits lowest level in nearly eight years

The proportion of multi-homeowners in South Korea has dropped to its lowest level in seven years and nine months. This decline is attributed to owners selling properties or gifting them to children to avoid anticipated increases in holding taxes and the reinstatement of heavy capital gains taxes.

While the reduction in multi-homeowners has increased the supply of properties for sale, it has created a shortage in the rental market. As more owners move into their properties for personal residence, the availability of jeonse (lump-sum deposit) rentals has plummeted. In some large apartment complexes, rental listings have nearly disappeared, leading to sharp increases in rental prices, with some areas seeing hikes of over 100 million won within a single year. This trend has raised concerns regarding rental price stability ahead of the autumn and winter moving seasons.