The Seoul metropolitan region remains an outlier though
Fewer home building permits were issued in South Korea in the first six months of 2019 than the same period a year ago amid stringent curbs on the housing market.
The number of construction permits for new homes dropped from 249,505 in H1 2018 to 226,594 in H1 2019, according to figures released this week by the Ministry of Land, Infrastructure and Transport, Yonhap reported.
The dwindling figures coincided with dropping home prices in regions outside Seoul as well as strict regulations pertaining to home rebuilding projects.
The number of construction permits issued for homes outside metropolitan Seoul hit just 97,556, a descent of 26.3 percent on the year, ministry data showed. Conversely, those issued for Seoul homes numbered around 37,643, an increase of 34.6 percent year-on-year.
Under President Moon Jae-in, South Korean housing authorities have unleashed a range of property curbs to temper an overheated residential market.
While the measures were able to decrease home prices in Seoul’s affluent neighbourhoods, weekly fluctuation rates show that prices may be on the rebound.
On 1 July, apartment prices in Seoul posted a weekly growth of 0.02 percent, ending a streak of declines since November when the cooling measures were implemented, according to data from the Korea Appraisal Board.
10th PropertyGuru Asia Property Awards (Singapore) gala livestream
Premier developers, developments and designs to be honoured virtually, providing access to limitless viewers from across the globe
Cleantech titan shares smart ways to reduce energy consumption
Hasan Basri Tosun, CEO of award-winning cleantech firm Sensgreen, is winning friends in influential places. Find out how
Robert Greg Shand’s sustainable designs reimagine Singapore’s future, celebrates its past
Greg Shand has left his mark on numerous high-profile projects in Singapore, ranging from a landmark community centre to plush residential villas
Proptech pioneers turn industry pain points into potential, easing Asia’s transformation
Disruption is revolutionising the property industry. These four proptech visionaries are among those renovating the face of real estate in Asia
Man of the hour: A chat with the father of Lan Kwai Fong
Dr. Allan Zeman shares his views on the future of Hong Kong and urban development around Asia
6 of the finest places to live, dine, party and shop in Cebu
With top-notch dining and nightlife burnishing a real estate renaissance, the capital of the southern Philippines is having a moment in the sun