South Korea house prices climb for second month in August

SOUTH Korea’s housing market climbed for a second straight month in August, data showed on Friday (Sep 15), with prices rising across the country.

The nationwide house transaction price index rose 0.16 per cent in August, after snapping a 13-month downtrend in July with a 0.03 per cent increase, according to Korea Real Estate Board. It was the biggest percentage gain since December 2021.

House prices rose 0.29 per cent in the capital, Seoul, and 0.30 per cent in the greater capital area in August; both rose 0.15 per cent in July. Prices also rose 0.02 per cent in August in other regions, the first increase since June 2022.

This week, South Korea’s financial authorities decided to tighten certain loan regulations, as rising mortgage demand drove up household borrowing by the biggest amount in two years. REUTERS