ID :
38591
Sat, 01/03/2009 - 11:04
Auther :
Shortlink :
http://m.oananews.org//node/38591
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S. Korea's house prices move up 3.1 pct in 2008
SEOUL, Jan. 2 (Yonhap) -- South Korea's house prices gained just 3.1 percent
on-year in 2008 as the economic slump and tough anti-speculation measures hurt
overall demand, a report by Kookmin Bank said Friday.
The bank, which surveys house prices for the government, said last year's
increase fell bellow the average annual gain of 4.3 percent and was the lowest
increase since the negative 2.1 percent growth tallied for 2004.
Kookmin said that prices for some wards in Seoul, and satellite cities around the
capital in Gyeonggi Province fell the sharpest, while places like Incheon, the
country's second largest port city surged by double digits.
Gangnam, Seocho and Songpa wards in southern Seoul and satellite cities in
Gwacheon, Seongnam and Goyang which had triggered the recent housing price hikes
fell the sharpest, although full-fledged development projects helped gains in
Incheon where the price of homes jumped 13.5 percent vis-a-vis 2007. Prices for
other parts of the country and cities like Busan have remained relatively
unchanged in the past few years, due to falling demand.
After growing by 5 percent in 2007, South Korea's economy likely fell into
negative territory in the fourth quarter of last year, with some think tanks
predicting annual growth to have fallen under 4 percent.
In addition to weak growth that affects demand, government measures to contain
price hikes including policies to limit the size of loans that can be taken out
for home purchases and slapping of heavy taxes on owners of expensive homes have
started to take bite.
By type of dwelling, Kookmin said apartment houses and regular homes rose 2.3
percent and 2.0 percent year-on-year, while tenement houses gained 7.9 percent.
Tenement homes were popular because owners would be entitled to several
apartment houses if the neighborhood is re-developed as part of an urban
development project.
The report said prices of large homes fell 0.7 percent year-on-year, while those
for middle-size homes edged up 1.8 percent. Small-sized home prices gained 6.0
percent compared to the year before.
yonngong@yna.co.kr
(END)
on-year in 2008 as the economic slump and tough anti-speculation measures hurt
overall demand, a report by Kookmin Bank said Friday.
The bank, which surveys house prices for the government, said last year's
increase fell bellow the average annual gain of 4.3 percent and was the lowest
increase since the negative 2.1 percent growth tallied for 2004.
Kookmin said that prices for some wards in Seoul, and satellite cities around the
capital in Gyeonggi Province fell the sharpest, while places like Incheon, the
country's second largest port city surged by double digits.
Gangnam, Seocho and Songpa wards in southern Seoul and satellite cities in
Gwacheon, Seongnam and Goyang which had triggered the recent housing price hikes
fell the sharpest, although full-fledged development projects helped gains in
Incheon where the price of homes jumped 13.5 percent vis-a-vis 2007. Prices for
other parts of the country and cities like Busan have remained relatively
unchanged in the past few years, due to falling demand.
After growing by 5 percent in 2007, South Korea's economy likely fell into
negative territory in the fourth quarter of last year, with some think tanks
predicting annual growth to have fallen under 4 percent.
In addition to weak growth that affects demand, government measures to contain
price hikes including policies to limit the size of loans that can be taken out
for home purchases and slapping of heavy taxes on owners of expensive homes have
started to take bite.
By type of dwelling, Kookmin said apartment houses and regular homes rose 2.3
percent and 2.0 percent year-on-year, while tenement houses gained 7.9 percent.
Tenement homes were popular because owners would be entitled to several
apartment houses if the neighborhood is re-developed as part of an urban
development project.
The report said prices of large homes fell 0.7 percent year-on-year, while those
for middle-size homes edged up 1.8 percent. Small-sized home prices gained 6.0
percent compared to the year before.
yonngong@yna.co.kr
(END)
