People in their 30s bought homes by selling 10.3 billion won worth of coins…the largest among all age groups

People in their 30s bought homes by selling 10.3 billion won worth of coins…the largest among all age groups

Data from Rep. Kim Jong-yang's office…'Signs of expansion centered on younger generations'

The scale of virtual currency (coin) sale proceeds used for home purchases was found to be the largest among those in their 30s.

According to aggregated data on housing acquisition financing plans from the Ministry of Land, Infrastructure and Transport, obtained on the 10th through the office of People Power Party lawmaker Kim Jong-yang, a member of the National Assembly's Land, Infrastructure and Transport Committee, 229 people in their 30s, accounting for 70.7% of the total (324 people), submitted housing acquisition financing plans stating virtual currency sale proceeds between February 10 and March 31 of this year.

A housing acquisition financing plan is a document that clarifies the source of funds for purchasing a home. It must be submitted to the competent local government within 30 days of a sales contract for all homes in regulated areas (speculative overheated zones and adjustment target areas) and homes with a real transaction price of 600 million won or more in non-regulated areas.

Following the revision of the Enforcement Rules on Real Estate Transaction Reporting, virtual currency sale proceeds have been separately included in the financing plan reporting items for sales contracts signed after February 10 of this year. Transaction explanations, time of sale, and Korean won conversion details must also be recorded.

The total virtual currency sale proceeds used by people in their 30s for home purchases amounted to 10.31 billion won, the highest among all age groups. This was followed by 40s with 5.495 billion won, 20s with 1.185 billion won, 50s with 1.072 billion won, and 60s and older with 501 million won.

However, the proportion of virtual currency sale proceeds in the housing acquisition funds of people in their 30s is a negligible 0.1%.

Among self-funds, proceeds from real estate disposal accounted for the largest share at 18.7%, followed by financial institution deposits (14.6%), gifts/inheritances (6.9%), and stock/bond sale proceeds (4.3%).

In the market, there is a forecast that if the virtual currency market shows strength, real estate acquisitions using sale proceeds will increase, especially among younger generations.

Kim In-man, head of the Kim In-man Real Estate Economic Research Institute, said, "The fact that virtual currency sale proceeds for those in their 30s remained in the 10 billion won range seems to be due to the recent strong stock market, which led to a shift in funds. There's a high possibility that future profits, especially from those in their 20s and 30s who focus on coins and stocks, will flow into the real estate market."

He added, "In a situation where loans are not readily available, cases of people disposing of virtual currency or stocks to secure housing funds will gradually increase."