S. Korea's housing market plummets in Q1| MENAFN.COM

Thursday, 01 December 2022 07:17 GMT

S. Korea's housing market plummets in Q1

(MENAFN) South Korea's housing market revealed some signs of a slump in the first three months of this year due to the government's move to tighten rules on household lending.

The average price of homes hiked 2.9 percent on-year in the first quarter period, decelerating from a 3.5 percent on-year increase throughout the previous quarter.

Moreover, home transactions deteriorated 26.1 percent on-year to 199,483 cases over the Jan-March timeframe, down below the five-year average of 206,000 cases.

Against this backdrop, total household debt hit a record high of 1,207tn won as of end-2015, while home sales touched an all-time high of 1.19mn last year, rising 20pct from 2014's 1mn.

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