S. Korea's home sales hit record high in 2015

S. Korea's home sales hit record high in 2015

South Korea’s home sales reached an all-time high in 2015, the government said Monday, apparently buoyed by a series of government measures to boost the local property market.

The number of home transactions surged 18.8 percent on-year to 1,193,691 last year, marking the largest annual tally since 2006, when the government started to compile the data, according to the Ministry of Land, Infrastructure and Transport.

It also rose for a third consecutive year to hit a fresh record high after plunging to 735,000 cases in 2012.

For December, home sales fell 3.6 percent on-year to 88,000.

The robust home sales are backed by a series of government measures to revitalize the property market and the entire economy. It has lifted reconstruction regulations and eased other financial hurdles to let people easily borrow money and buy or rent houses.

Home transactions in Seoul and its surrounding areas led the boom in the property market last year, spiking 32.4 percent on-year to 611,782.

In rural areas, the figure totaled 581,909 last year, up 7.2 percent from a year earlier.

Home transactions involving apartment units jumped 14 percent on-year to 808,486 in 2015, while transactions involving detached houses also gained 25.8 percent to 167,926, according to the ministry.

Source: http://www.koreatimes.co.kr/www/news/biz/2016/01/123_195120.html

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