Housing Market Shows Signs of Recovery

The housing market is showing signs of recovering from a five-year slump triggered by the 2008 global financial crisis.

The Ministry of Land, Infrastructure and Transport on Thursday said 58,846 homes were sold across the nation in January, up 117 percent from the same period of 2013 and the highest increase since 2011.

Leading the rise was the Seoul metropolitan area. Apartment and home sales in Seoul last month totaled 25,648, almost three times more than the same period of last year.

Home prices are also rising. According to the Korea Appraisal Board, apartment prices rose 0.1 percent as of Monday compared to the previous week, marking 24 straight weeks of increase. As a result, overall home prices have risen 0.56 percent compared to late 2013.

englishnews@chosun.com / Feb. 14, 2014 11:07 KST