Monthly domestic orders for Korean builders have hit the lowest point in eight years, the Construction Association of Korea said on Monday.

Domestic orders stood at W4.38 trillion (US$1=W1,094) in January, down 44.7 percent from the same month last year and a record low for the month since 2002. This is also the lowest figure since February 2005, when orders were valued at W4.35 trillion.

In the private sector, orders amounted to W2.47 trillion, a 56 percent decrease on-year. Civil engineering suffered a 33.7 percent loss and building construction decreased 61.8 percent.

Orders for new homes also fell significantly due to the sluggish real estate market, while reconstruction and redevelopment orders totaled W271.1 billion, down more than 80 percent from a year earlier.