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THE INVESTOR
December 15, 2018
Big Reunion

Economy

Property sector output sinks in Oct.

  • PUBLISHED :December 04, 2017 - 09:55
  • UPDATED :December 04, 2017 - 09:55
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[THE INVESTOR] Output in Korea’s real estate industry fell at the fastest clip in October due mainly to tighter government measures to rein in the overheating housing market, data showed on Dec. 4.

The seasonally adjusted production index of the real estate and property rental sectors dropped 15.2 percent in October from the previous month, according to the data from Statistics Korea.

It marks the steepest monthly decline since 2000 when the statistical agency began to compile related data.

The figure also shrank 5.7 percent in October from a year earlier, the biggest decrease since August 2012.

The plunge resulted from a tumble in the number of apartment sales or rentals in the wake of the tougher measures to rein in mortgages, the agency said, adding transactions of offices, shops and plants went south as well.  

By Alex Lee and newswires (alexlee@heraldcorp.com)
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