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S Korea govt unit warns of home supply glut in 3 years

Published Thu, Dec 3, 2015 · 09:50 PM
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Seoul

SOUTH Korea's top government research institute warned on Thursday that this year's surge in new home starts could lead to a massive oversupply in three years, worsening the financial profiles of both builders and households.

The Korea Development Institute (KDI) said in a report that this year's new home starts were expected to amount to 700,000 units, up sharply from 507,666 in 2014 or the annual average of about 460,000 for the decade to 2012.

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