Unsold New Apartments at Highest Level in a Decade

The number of unsold new apartments across Korea last month reached its highest level in more than a decade.

According to the Ministry of Land, Infrastructure and Transport on Tuesday, 75,359 new apartments failed to find a buyer in January, a surge of 10.6 percent from the previous month and the most since November 2012.

The rise was mostly due to more properties flooding the market in the fourth quarter last year.

The ministry said it does not yet feel the need to intervene as most of the unsold properties were outside major cities. Eighty-four percent were in provincial areas.