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Yoon: Real estate overheating again

Moon Gwang-lip JoongAngDaily

Yoon: Real estate overheating again - South Korea - Housing

Finance Minister Yoon Jeung-hyun yesterday warned against real estate speculation, in a serious tone not heard since he took office in February

Yoon said there was still a bubble in the local real estate industry that could threaten the recovery of the local economy if it bursts.

In an interview with Yonhap News Agency, Yoon said, ¡°The biggest Achilles¡¯ heel to our economy is the real estate issue. Under no circumstances is the recurrence of speculation acceptable.¡±

Experts agree the real estate market is quickly becoming overheated again.

The average price of housing across Korea rose 0.1 percent last month from March, reversing a seven-month downward trend that started in October.

The prices of renovated apartments in Gangnam, Seocho and Songpa districts, Seoul¡¯s three most expensive areas, are up 13.4 percent on average this year alone.

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