(MENAFN) New housing permits in South Korea deteriorated 7.3 percent from a year earlier throughout the previous month, the first on-year decline in 17 months, according to the latest reports.
The total of new home permits issued touched 52,713 last month, as opposed to 56,861 through the cited month last year, thus the May tally marks the 1st on-year drop since Dec-2014.
Such a plunge was more visible in the Seoul metropolitan area, home to more than 40pct of the nation's 51.6mn people, where the number of permits for new houses dipped 29.7pct on-year.
"It looks like the decrease started to show through May as the leftover supply from last year was reflected until April," stated Lee Young-suk at the ministry of Land's housing policy division.
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