South Korea's housing rally is accelerating, with apartment prices in Seoul rose 0.28% in the week to May 11, which could make way for the Bank of Korea to adopt a more hawkish stance amid the increasing inflation pressures as the US-Iran conflict drags on, Bloomberg reported Thursday.
The increase in Seoul apartment prices in the week to May 11 marked the 67th straight weekly gain and the fastest pace since Jan. 26, the report cited the Korea Real Estate Board.
House prices across the country also climbed higher during the period, adding 0.06% in the reported week.
The jump in apartment prices raises expectations of a tighter policy to be put in place by the central bank. The Bank of Korea is set to hold its next policy meeting on May 28, with newly appointed Governor Shin Hyun Song to preside over the proceedings, Bloomberg reported.
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