Increase Property Taxes for Multiple Homeowners Tenfold

'One person' swept up a terrifying amount—as many as 794 homes... "Spent 116 billion won"

It has been revealed that the top 10 individual multiple-home buyers over the past six years purchased more than 4,000 homes.
The amount they spent on buying these homes exceeds 660 billion won.
As it becomes increasingly difficult for ordinary citizens to own homes, critics point out that the "sweeping up of houses" by certain individuals is exacerbating imbalances in the real estate market.
According to data from the Ministry of Land, Infrastructure and Transport, the top 1,000 individuals (by number of home purchases) from 2020 to June of this year purchased a total of 37,196 homes.
The transaction amount reached 4,340,675,000,000 won.
The scope of the count included apartments, row houses, multi-family houses, and single-family/multi-unit houses, reflecting actual transaction reports from January 1, 2020, to June 30 of this year based on the contract date.
Looking only at the top 10, the number of purchases was 4,115, and the amount reached 663,906,000,000 won.
This means they spent an average of 411 homes and approximately 66.4 billion won per person.
Looking at individual scales, the top buyer purchased a staggering 794 units, spending a total of 116,061,000,000 won.
This was followed by the 2nd place with 693 units (108,209,000,000 won), 3rd place with 666 units (107,442,000,000 won), 4th place with 499 units (59,725,000,000 won), and 5th place with 318 units (48,289,000,000 won).
Furthermore, some individuals had only 30 transactions but reached a total purchase amount of 49,849,000,000 won.
These cases involved concentrated purchases of high-priced homes, averaging 1.661 billion won per unit.
The large-scale purchasing behavior of specific individuals can distort the supply and demand of the housing market and fuel price instability.
An industry official stated, "As the number of 'house-rich' individuals who spend hundreds of billions of won to buy hundreds of homes increases, the opportunities for ordinary citizens and actual end-users to own homes will further diminish," adding, "Institutional supplements regarding multiple-home purchases are necessary for market integrity."
Reporter Kim Pyeong-hwa, Money Today peace@mt.co.kr