South Korea's home transactions jump 51.9% on-year in September

By Park Sae-jin Posted : October 14, 2014, 17:13 Updated : October 14, 2014, 17:13

 

South Korea's house transactions jumped more than 50 percent on-year in September, apparently due to the government's measures to reinvigorate the country's property market.

The number of home transactions in September totaled 86,186, up 51.9 percent from the same month of last year, the Ministry of Land, Infrastructure and Transport reported Tuesday.

The figure marked the monthly highest since April when the comparable figure stood at 92,691, the report said. 

Sales of homes in Seoul, the capital, and surrounding Gyeonggi areas surged 59.5 percent on-year to 42,684, it said. 

In Seoul alone, house transactions jumped 72 percent to 13,946 over the cited period. In particular, sales of homes in three Gangnam districts in southern Seoul skyrocketed 141 percent to 2,273.  

On Sept. 1, the government announced measures to revive the property market, including cutting the minimum age of housing units subject to reconstruction by up to 10 years.
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