House transaction deals plummeted 37.7 percent in the first three months in Korea against the same period last year, underscoring the chill in the housing market under multiple regulations and tax hikes.

The Ministry of Land, Infrastructure and Transport announced Thursday that registered housing sales and purchases during the January to March period plunged 37.7 percent on year across the nation and 52.1 percent in Seoul and its surrounding areas.

In March alone, the nationwide deal volume shrank 44.7 percent from a year ago period to 51,357, the lowest March showing since the data had kept record in 2006. For the capital region, the deals were down 58.7 percent on year to 22,375 from 54,144.

Compared with the previous month when home trade had been hit by long Lunar New Year holidays, the deals rose 18.2 percent across the country and 21.7 percent in the greater Seoul.

Apartment trade dropped 48.8 percent in March from a year ago to 31,760 and transactions for multi-residential houses and single-family housed declined 36.3 percent to 19,597.

Contracts for monthly rents and jeonse, long-term lease unique to Korea, edged down 0.6 percent on year to 177,238 in March. The figure was 5.6 percent higher than the average volume of 167,898 over the last five years.

For the capital region, rent and jeonse transactions fell 1.3 percent from the previous year in March, but rose 1.1 percent in the rest of the country.

By Lee Ji-yong and Choi Mira

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]