Parent Chance's Underage Purchased Housing Approaches 3,000 Houses Over 5 Years

In the last five years, the number of homes purchased by minors in Korea has reached nearly 3,000.

According to the data submitted by Min Hong-chul of the Democratic Party of Korea, a member of the National Assembly's Land, Infrastructure and Transport Committee, from 2019 to last year, the number of houses bought under the name of minors was 2,953 units, and the purchase cost was 517 billion won.

By region, the Seoul metropolitan area, including 628 houses in Seoul, accounted for 60% of the total with 1,772, and the largest number of buyers had 22 houses.

Lawmaker Min Hong-chul said multi-homeowners appear to be buying houses in the name of their underage children, adding that it is necessary to thoroughly investigate whether there were any illegal transactions or expedient gifts in the process of transferring assets using parental opportunities.