Home transactions nearly double on-year in July

Home transactions nearly doubled in July from the same month of last year, the government said Wednesday.

The number of house transactions reached 76,850 in July, up 94 percent from a year earlier, the Ministry of Land, Infrastructure and Transport said.

The figure represents an increase of 5.1 percent from the previous month.

The rise in the number of home transactions came as the government announced plans to ease the regulations on household loans to help boost the property market.

Deputy Prime Minister for Economic Affairs Choi Kyung-hwan made the announcement as soon as he took office on July 16.

Beginning Aug. 1, the government relaxed the rules on loan-to-value (LTV) and debt-to-income (DTI) ratios to help home byuers borrow more.

Park Sae-jin swatchsjp@ajunews.com