According to Supreme Court registry data, some 1,387 such transactions were made in Seoul last month, up 53.6 percent from 903 the previous month and the highest level since December 2022 when the figure reached 2,384.
Seoul's affluent southern district of Gangnam saw the most gifts at 86, followed by nearby Songpa and Nowon in northern Seoul with 82 each, while another upscale district of Seocho had 81.
In particular, Nowon stood out among other districts. Many redevelopment projects are planned for the area, which likely prompted some owners there to gift their homes to their children rather than sell now, betting on the area's future value.
The increase in such 'living inheritances' appears to be attributed to owners of multiple homes, who are reluctant to sell their properties for fear of heavier taxes amid possible further hikes.
Concerns have spread after the government hinted at a series of tougher real estate-related measures in February including heavier taxes on multiple homeowners and there have also been ongoing debates over whether to scrap tax breaks for long-term single-home owners.
Amid the government's such efforts to rein in real estate prices, apartment prices in Gangnam have weakened recently, encouraging some owners to transfer their homes to their children to reduce taxes, as gift taxes on housing properties are calculated based on market value at the time of transfer.
A shortage of rental homes including housing leases known as "jeonse," in which tenants pay a lump-sum deposit to occupy a home for a certain term, also appeared to be another factor, as some families may be seeking to secure housing for their children's future by transferring homes to them.
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