Number of unsold houses declines in May

SEOUL, July 3 (Yonhap) -- The number of unsold houses in South Korea declined in
May as tax benefits aimed at bolstering transactions and improving signs of an
economic rebound began to take effect, a government report showed Friday.

According to the report by the Ministry of Land, Transport and Maritime Affairs,
the number of newly-built but unsold houses came to 151,938 units at the end of
May, down 11,918 from a month earlier.
In March, the figure surged to 165,641 units, the highest figure since 1993 when
related data started to be compiled, hit hard by a protracted economic slump.
The decline comes as hopes of an economic rebound are growing and the
government's move to reduce property-related taxes encouraged transactions, the
ministry said.
kokobj@yna.co.kr
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