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Korean housing permits jump in Q3

Oct. 28, 2015 - 11:05 By KH디지털2
Construction permits issued for new homes jumped 21 percent in the third quarter from a year earlier, data showed Wednesday, underscoring a strong sign of recovery in the country's real estate market.

The number of new home permits issued came to 70,121 units in the July-September period, up from 58,024 from the year earlier, according to the data compiled by the Ministry of Land, Infrastructure and Transport.

The third-quarter rise marked the ninth consecutive on-quarter increase, with the pace accelerating from a 10.2 percent gain tallied for the previous quarter.

The strong demand for new homes was more visible in the capital region, where around half of the country's 50 million population live.

New home permits issued in Seoul and its surrounding areas jumped 35.5 percent on-year to 23,897 units, while permits issued in rural areas climbed 14.5 percent to 46,224.

Also indicating an apparent construction boom in the Seoul area, the number of groundbreakings for new homes in the capital region came to 18,358 units in the three-month period, up 32 percent from a year before, while those in rural areas climbed 9.5 percent on-year to 39,896. (Yonhap)