SEOUL, Oct 10 — Minors purchased nearly 3,000 homes in South Korea between 2019 and 2023, amounting to KRW519.8 billion (RM1.6 billion) in value.
The Korea Herald reported that many of these homes were likely acquired as gifts or inheritance, as the purchasers were under the age of 19.
The top 100 minor buyers purchased 535 homes, including 90 homes bought by 10 children under 10 years’ old.
The two largest buyers acquired 22 properties each, with one being under 10 years’ old and the other a teenager.
Rental income earned by minors has also increased, with 3,294 minor landlords earning KRW57.99 billion in 2022.
Korean lawmaker Ahn Do-geol called for a thorough investigation to determine if tax evasion or illegal inheritance was involved in these transactions.
