S. Korea's land prices up despite economic slump

SEOUL, Jan. 26 (Yonhap) -- Average land prices in South Korea inched up last year
from a year earlier despite the financial crisis and resulting global economic
slump, the government said Tuesday.

According to data offered by the Ministry of Land, Transport and Maritime
Affairs, average land prices across the nation rose 0.96 percent at the end of
last year from a year earlier.
The increase, which comes despite the economic slump that started in the wake of
the global financial turbulence in 2008, is relatively marginal compared with the
3.88-5.61 percent price growth seen between 2005-2007.
Hanam, located near the nation's capital, saw the highest spike in land prices
with a 3.72 percent on-year increase. The rise was mostly attributed to the
government's push to construct a large-scale apartment complex for low-income
families in the city.
Prices in Gunsan, located in North Jeolla Province, plunged 2.66 percent last
year, marking the sharpest drop in the country over the cited period, the data
showed.
Land transactions remained robust in terms of size last year. A total of 2.49
billion square meters of land changed hands in 2009, up 3.8 percent from a year
earlier, the data showed.
kokobj@yna.co.kr
(END)