An increasing number of multiple homeowners in South Korea are choosing to give real estate to their children instead of selling it, data showed Wednesday.

The number of apartments transferred from parents to children stood at 1,632 in January -- an increase of 305 from December and the third-highest jump since the compilation of relevant data began in 2006, the Korea Appraisal Board said.

Meanwhile, separate data released by the Seoul City government showed that apartment transactions in February decreased a whopping 44 percent on-month to 3,235, despite the central government’s recent efforts to push multiple homeowners to sell properties by applying tighter rules and heavier taxes.

Relatively posh areas -- including Gangnam, Seocho, Songpa, Mapo and Yongsan -- saw the largest dip in housing transactions in the capital. The combined transaction volume in the Gangnam, Seocho and Songpa areas, in particular, has been on a downward trend since late last year, having fallen from 1,771 in November to 225 in February.

Experts called for more incentives to encourage multiple homeowners to sell real estate and resolve what seems to be a supply bottleneck.

“Instability in the housing market will likely continue if the supply shortage is not resolved,” Kwon Dae-joong, a real estate professor at Myongji University, was quoted as saying by local news outlet Newsis.

By Kim Young-won (wone0102@heraldcorp.com)