Construction permits for new homes jump 34 pct in March

SEJONG, April 26 (Yonhap) -- The number of construction permits issued for new homes surged in March from a year earlier, the government said Sunday, reflecting an apparent recovery of the property market.

The number of new home permits issued in March came to 52,200, up 34 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.

Such an increase was said to partly reflect a recovery from a prolonged downturn in the real estate market.

"The market for new homes is being revitalized while people continue to show a stronger preference for new homes," a ministry official said.

"The number of new home permits has been increasing steadily since the start of 2014 and will likely continue throughout the first half of this year."

In the January-March period, the number of construction permits for new homes surged 27.3 percent on-year to 118,772, according to the ministry.

Also reflecting an apparent recovery, the number of groundbreakings for new homes spiked 40.7 percent on-year to 54,948 in March.

However, the recovery of the real estate market is apparently limited to the capital region, home to nearly half of the country's 50 million people.

In March, the number of construction permits for new homes in Seoul spiked 86.9 percent on-year, while those for the entire capital region, which includes the surrounding Gyeonggi Province, also surged 81.5 percent to 31,645.

The number of new home permits issued in rural areas slipped 4.5 percent on-year to 20,555 in March.

bdk@yna.co.kr
(END)