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soul, house prices in south korea Real estate fell 1.98% in December from a month earlier, the sharpest drop since the data release began in late 2003 and a seventh straight month of decline, data from the Korea Real Estate Board showed on Monday.
The board said in a statement that there was a loss of 1.37% in November and a decline of 4.68% for 2022, turning from a gain of 9.93% in 2021.
House prices around the world were falling sharply as central banks sharply increased interest rates to fight inflation, cooling economies and raising mortgage rates.
The data shows that in the recent seven months, house prices across the country have declined cumulatively by 4.89%, which is the biggest decline for any seven-month period.
president’s government Yoon Suk-yeolWho took office in May last year, has announced measures aimed at reducing taxes and easing other restrictions, largely undoing steps taken by his predecessor.
The Conservative Union has said that there has been some moderation in house prices after a sharp rise in recent years, but that any decline should be adjusted in an orderly manner without harming the stability of the financial sector.
house prices in South Korea It had risen every month for nearly three years until May 2022, which analysts have blamed on a combination of loose monetary policy, poor supply of new homes and policy failure.
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