Korea Business News Agency - NSP NEWS AGENCY.

(Seoul=NSP NEWS AGENCY) = The Korean housing market recovered, demonstrated by an increased mortgage of 45.1 trillion won in 2023. The authorities planned to introduce the stress Debt Service Ratio (DSR) into the market step-by-step.

The Financial Services Commission (FSC)’s 2023 Household Debt Trend (preliminary) on January 10 says household debt from all financial institutes climbed 10.1 trillion won (or 0.6% increase from the end of last year), showing modest growth.

Household debt was enlarged from 56.2 trillion won in 2019 and 112.3 trillion won in 2020 to 107.5 trillion won in 2021. Then, the trend went downward to record 8.8 trillion won in 2022 and reversed to reach 10.1 trillion won in 2023.

Mortgage grew to 45.1 trillion won from last year’s 27 trillion won. Other debts downed by 35 trillion won, similar to last year’s 35.8 trillion won decrease.

By Hyun-jin Kim(kimhj30310@nspna.com) and Soo-in Kang(sink606@nspna.com)

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