The surface area of permitted constructions stood at 72,029,000 square meters nationwide during the January-June period, down 22.6 percent from a year earlier, according to the Ministry of Land, Infrastructure and Transport.
The permitted construction areas in the capital Seoul and its surrounding metropolitan region tumbled 24.8 percent, while the permits in other regions retreated 20.8 percent to 41,189,000 square meters.
The double-digit reduction came as high-interest rates weakened demand for new homes and commercial property.
The surface area for commercial and residential real estate permits went down 28.0 percent and 22.7 percent each in the first half.
Meanwhile, the surface area of construction starts plunged 38.5 percent over the year to 35,920,000 square meters in the first half, while the area of construction completions added 3.3 percent to 70,471,000 square meters.
Latest comments