South Korea’s retail investors are ploughing profits from a world-beating stock market into an overheated property sector, confounding government efforts to cool real estate demand.
Securities sales proceeds were used in 13.2 per cent of home purchases worth more than Won1.5bn ($974,000) in April, according to data from the land ministry, the first time the figure reached double digits and nearly triple the monthly level in most of the past five years.
“If people made a lot of money on stocks, it’d end up going back into the property market,” said Kim Won-ik, a tech worker based in Yongin, south of Seoul, who recently made Won20mn from stocks. “The result will be a vicious circle, not a virtuous one.”
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