SEOUL: South Korea's housing prices fell at the sharpest rate in at least 19 years in October, adding to expectations the nation's central bank will slow its pace of interest rate hikes in the coming weeks.
The national index for apartment transaction prices dropped 7.13 per cent during the January-September period, on track for the biggest annual decline since that data was introduced in 2006. Analysts expect only one or two more interest rate hikes by the Bank of Korea for the remainder of this year and 2023 to take the terminal rate to 3.25 per cent or 3.50 per cent.
South Korea's household debt-to-GDP ratios stood at 102.2 per cent in the second quarter, data of 35 major economies from the Institute of International Finance showed.
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