South Korea's home prices surge in Seoul, prompting government plans to increase home supply and Bank of Korea's consideration of lowering interest rates.
South Korea's home prices rose at the fastest pace in over four years, with Seoul experiencing the highest increase. This surge raises concerns about financial stability, prompting the South Korean government to unveil plans to boost new home supply by constructing over 400,000 homes in the next six years. Meanwhile, the Bank of Korea considers lowering interest rates, although internal debate continues over the optimal time to act, due to concerns that doing so could further fuel price increases in the housing market.
August 16, 2024
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