SEOUL, May 1 (Xinhua) -- South Korea's construction permits fell in the first quarter owing to the real estate market slump, government data showed on Monday.
The surface area of permitted construction stood at 37,181,000 square meters nationwide during the January-March quarter, down 8.5 percent from a year earlier, according to the Ministry of Land, Infrastructure and Transport.
The construction permits in the capital Seoul and its surrounding metropolitan areas tumbled 14.1 percent, and the permits in other areas reduced 4.1 percent.
It was attributed to higher construction materials prices and rapid interest rate hikes that led to the property market downturn.
The surface area of construction starts plunged 28.7 percent from a year earlier to 18,700,000 square meters in the first quarter, while the area for construction completions gained 9.7 percent to 31,666,000 square meters. ■