South Korea's housing prices suffered the largest fall in December since related data was first compiled in 2003.

According to the Korea Real Estate Board on Monday, housing prices fell one-point-98 percent in December 2022 from a month earlier and continued its seventh consecutive month of downward movement.

In particular, housing prices in Seoul and the greater metropolitan area fell one-point-96 and two-point-six percent, respectively, recording the largest fall in 19 years as well.

The drop is attributed to the Bank of Korea’s continuous interest hikes that have contributed to a steep decline in housing transactions, with experts forecasting the trend to continue even with the Yoon administration’s announcement of measures lowering taxes and easing other restrictions to cushion the fall.

Source: KBS World Radio