Just 30 people bought 8,000 homes in South Korea over the past five and half years, despite the government’s efforts to curb demand for multiple home ownership.
The 30 buyers spent a total of nearly 1.2 trillion won ($900 million) for purchases between 2018 and June 2023, according to Min Hong-chul, a lawmaker of the main opposition Democratic Party, based on data submitted from the land ministry.
“Real estate speculators are gobbling up homes in greater Seoul area,” Min said in his blog on Wednesday. He is a member of a parliament committee that hold annual audits for government agencies, including the land ministry.
Read the full story on Bloomberg here.