Permits for new home construction rose more than 2 percent in January from a year earlier, indicating that the country’s housing market is on a recovery path, the government said Sunday.

Construction permits were issued for a total of 24,602 housing units last month, up 2.7 percent from the same period last year, according to the Ministry of Land, Infrastructure and Transport.

Such a rise was more visible in the Seoul metropolitan area where the number of construction permits for new houses increased 15.8 percent on-year. The Seoul metropolitan area, home to about half of the country’s 50 million population, includes Incheon and the entire surrounding Gyeonggi Province.

The rise in the number of construction permits for new houses indicates a recovery in the country’s real estate market, the ministry said.

Other data showed that the nation’s housing market is set to rebound from a deep trough as eased regulations, rapid adjustment of home prices and low interest rates increase leeway to purchase a home. (Yonhap)