Construction permits dip 6.2 pct in 2018 on tightened regulations

SEOUL, March 12 (Yonhap) -- Construction permits fell 6.2 percent in 2018 from a year earlier due to stricter regulations, the land ministry said Tuesday.

The overall surface area of permitted construction decreased to 162.85 million square meters last year from the previous year's 170.91 million square meters, the Ministry of Land, Infrastructure and Transport said in a statement.

The Moon Jae-in government has tightened rules and regulations on the housing market to help curb soaring home prices since 2017.

In contrast, the area of building completions rose 8.5 percent to 153.39 million square meters from 141.44 million square meters during the same period, the statement said.

The increase is attributable to a large number of apartments whose construction began two to three years earlier, it said.

kyongae.choi@yna.co.kr
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