Construction permits for new homes surge 38 percent in April

The number of permits for construction of new homes in South Korea jumped more than 38 percent in April from a year earlier, indicating a recovery in the local housing market, data showed Sunday.

The number of construction permits issued for new homes came to 42,706 last month, up 38.1 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport. It also marks the fourth consecutive monthly rise.

In the Seoul metropolitan area, the number of home construction permits jumped 21.8 percent on-year to 15,203.

The capital area includes the surrounding Gyeonggi Province and western port city of Incheon, which are home to about half of the country's 50 million population, according to the ministry.

The number of home construction permits in rural areas rose 49.2 percent on-year to 27,503.

The rise in the number of construction permits for new houses indicates a recovery in the country's real estate market, the ministry said.

Other data showed that the nation's housing market is continuing its rebound from a deep trough as eased regulations, rapid adjustment of home prices and low interest rates expanded leeway to purchase a home.

Sales of homes across the nation amounted to 92,691 in April, marking a 16.6 percent rise from a year earlier. (Yonhap)