Number of unsold houses hits record high on economic slump

SEOUL, Feb. 20 (Yonhap) -- The number of unsold housing units in South Korea rose
to an all-time high last year, affected by a protracted economic slowdown, a
government report showed Friday.

According to the report by the Ministry of Land, Transport and Maritime Affairs,
unsold new housing units, mostly apartments, totaled 165,599 at the end of
December last year, up 1.9 percent, or 3,029, from a month earlier.
This marked the highest figure ever since 1993 when related data started to be
compiled, the ministry said.
The increase came as the nation was hard-hit by the global financial turmoil and
resulting economic recessions worldwide. A slump in property transactions weighs
on local builders already under heavy strain from tightening credit conditions.
In a bid to bolster the frozen market, the government recently announced that it
will cut capital gains taxes over the next five years for people who buy new
flats this year in all areas except in Seoul.
kokobj@yna.co.kr
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