Home Sales Hit 8-Year High

The government's efforts to revitalize the property market seem to be bearing fruit, as home sales in the country hit an eight-year high last year.

The number of housing transactions surged 18 percent to pass 1 million for the first time since 2006, the Ministry of Land, Infrastructure and Transport said.

Sales in Seoul soared 32.5 percent over the previous year to more than 148,000, with rural areas seeing an 11.1 percent increase.

The government has introduced various measures to stimulate the market, including relaxed rules on offering home-backed bank loans.