It is hard to miss the upbeat mood in South Korea these days. The latest economic indicators coming out of Asia’s fourth-largest economy show that the country is edging out of the financial doghouse that the world was thrown into late last year.
One indicator that analysts have pointed to is the slowly but steadily rising housing prices. The appetite to buy property has returned on the back of record low borrowing costs.
Since April, housing prices have climbed for five consecutive months, according to market data by Kookmin Bank. Last month, prices rose another 0.3 per cent above the previous month.
Housing prices in Seoul, the economic heart of the country, have a bearing on prices nationwide, and they went up by 0.5 per cent. Transactions also picked up.
‘People are confident enough to buy houses because they sense they don’t need to hold on to cash any more,’ said Mr Lee Chung Yeol, a real estate agent in the Gangnam district. Continue reading
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