The Korea Herald

소아쌤

Construction permits for new homes surge in April

By KH디지털2

Published : May 26, 2015 - 11:31

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The number of construction permits issued for new homes surged last month from a year earlier, the government said Tuesday, apparently reflecting a recovery in the country's property market.

The number of new home permits issued in April came to 51,345, up 20.2 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.

April marked the fourth consecutive month of an on-year gain.

The number of new home permits issued in the first four months of the year spiked 25.1 percent on-year to 170,117.

The increase in April was mostly attributed to a spike in the capital region.

In April, the number of new home permits issued in Seoul slipped 5 percent on-year to 5,690 while the number for rural areas plunged 17.3 percent to 22,732, according to the ministry.

However, the number of new home permits issued in the western port city of Incheon and Gyeonggi Province, which surrounds the capital, jumped 148.8 percent to 22,923.

Together with the capital Seoul, Incheon and Gyeonggi Province make up what is commonly referred to as the country's capital region that is home to nearly half of South Korea's 50 million population.

"The number of new home permits has been increasing steadily since January amid favorable conditions in the market for new homes though the pace of increase has somewhat slowed from a month earlier in April," the ministry said in a press release.

Again reflecting an apparent recovery in the property market, the number of groundbreakings for new homes surged 20.3 percent on-year to 57,842 in April.

The number of groundbreakings in the capital region came to 31,742, marking a 45.4 percent on-year spike, while the number in rural areas inched down 0.6 percent to 26,100. (Yonhap)