February Sees Record Home Transaction Volume

      March 14, 2014 09:53

      More homes were bought and sold this February than in the same month since statistics began in 2006, but the transaction volume is expected to drop in March due to a new tax on rental income.

      The Ministry of Land, Infrastructure and Transport on Thursday said the home transaction volume totaled 78,798 in February, up 66.6 percent compared to a year earlier and up around 34 percent from January.

      Seoul and the metropolitan region saw 35,690 homes bought and sold last month, more than doubling on-year.

      In the rest of the country the transaction volume rose 43.6 percent to 43,108 homes.

      Apartment prices rose slightly in southern Seoul but were flat elsewhere.

      Analysts believe the rise was due to the slashing of red tape early this year. But the government's decision announced last month to tax owners of multiple homes on their rental income is causing the transaction volume to dwindle as it discourages buying to let.

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