[Edaily Reporter KIM EUN KYOUNG ] It has been revealed that over the approximately one-year period since the October 15 real estate measures were announced last year, funds raised to purchase apartments in Seoul—whether through the sale of stocks or money received via gifts or inheritances—have approached 11.5 trillion won.

As mortgage regulations were significantly tightened, financing through loans from financial institutions decreased, while purchases funded by the sale of financial assets or money received through gifts and inheritances increased substantially. There are concerns that the gap in home-buying power between so-called “cash-rich” individuals with ample financial resources and actual homebuyers who must rely on loans is widening.

According to an analysis of housing purchase financing plans submitted by the Ministry of Land, Infrastructure and Transport to the office of Rep. Yoon Jong-oh of the Progressive Party—a member of the National Assembly’s Land, Infrastructure and Transport Committee—on the 20th, proceeds from the sale of stocks, bonds, and cryptocurrency accounted for 6.2415 trillion won of the funds used by individuals to purchase apartments in Seoul during the 12-month period from October of last year to September of this year. This represents a 126.6% increase compared to the 2.7541 trillion won recorded during the preceding 12-month period, from October 2024 to September 2025.

During the same period, funds from gifts and inheritances also rose by 56.4%, from 3.3515 trillion won to 5.2416 trillion won. When proceeds from the sale of stocks, bonds, and other financial assets are combined with funds from gifts and inheritances, the total reaches 11.4830 trillion won. This represents an increase of approximately 5.4000 trillion won compared to the 6.1056 trillion won recorded in the previous 12-month period.

It is noteworthy that while total purchase funds and loans from financial institutions decreased, funding through the sale of financial assets and gifts and inheritances increased significantly. During this period, the total amount of funds used to purchase apartments in Seoul fell by 5.6%, from 85.8744 trillion won to 81.0684 trillion won. Loans from financial institutions also decreased by 6.8%, from 20.4808 trillion won to 19.0795 trillion won.

In contrast, self-funded capital rose by 8.0%, from 50.1613 trillion won to 54.1821 trillion won. The share of self-funded capital in total purchase funds also increased by 8.4 percentage points, from 58.4% to 66.8%. This indicates that a larger proportion of home purchase funds is now being raised by utilizing existing assets rather than through loans.

In particular, purchases financed by financial assets were prominent in the Gangnam area. From October of last year through September of this year, proceeds from the sale of stocks, bonds, and other assets in the three Gangnam districts—Gangnam, Seocho, and Songpa—totaled 2.8996 trillion won. This accounts for 46.5% of the total 6.2415 trillion won recorded for Seoul. Compared to the 1.2519 trillion won reported in the three Gangnam districts over the previous 12 months, this represents a 131.6% increase.

This shift in the financing structure is attributed to the impact of stricter lending regulations. On October 15 of last year, the government announced real estate measures that expanded regulated areas to cover all of Seoul and parts of Gyeonggi Province, and implemented differential reductions in mortgage limits based on home prices.

The mortgage limit for homes priced between 1.5 billion won and 2.5 billion won was capped at 400 million won, while the limit for homes priced above 2.5 billion won was capped at 200 million won. Consequently, observers point out that as it becomes increasingly difficult to purchase homes through loans, a structure has emerged in which buyers with sufficient liquid assets hold a relative advantage.

Park Hap-su, an adjunct professor at Konkuk University’s Graduate School of Real Estate, assessed the situation, stating, “While mortgage regulations have reduced the purchasing power of genuine homebuyers—such as the middle class and low-income earners—selective purchases by buyers with sufficient cash reserves have continued, deepening asset polarization.”

Consequently, experts suggest that rather than imposing blanket regulations on genuine homebuyers with sufficient repayment capacity, loan limits should be applied differentially based on factors such as income and repayment ability, and financial support for first-time homebuyers should be expanded.

Kim Je-kyung, director of Tumi Real Estate Consulting, stated, “It is a problem when people are denied loans despite having sufficient income and capacity,” adding, “We must abolish loan limits that are applied uniformly based on housing prices and redesign loan regulations with a focus on repayment capacity.”