S Korea moves to awaken idle property market

[SEOUL] After moving six times in 10 years, Choi Youn Ho, a 46-year-old chemical researcher, said he is hopeful easier mortgage rules will finally allow him to buy a home on the outskirts of Seoul for his family of four.

"I'm sick and tired of finding a new home, packing and moving every two years, whenever the lease contract expires," said Mr Choi, who works at a chemical trading firm and had a 24 per cent increase in rent in May when he moved into a new three-bedroom apartment. "I can get a bigger loan now; it may be the time to finally buy a home rather than swallowing this crazy rent rise."

South Korea loosened banks' mortgage restrictions this month as Finance Minister Choi Kyung Hwan, appointed in July, seeks to revive a stagnant property market in Asia's fourth-largest economy, boost growth and stimulate domestic consumption.