Seoul Apartment Price Gains Pick Up Pace, Adding Pressure on BOK

A housing rally in South Korea’s capital gained momentum, reinforcing the case for the nation’s central bank to shift to a hawkish tilt later this month as it grapples with mounting inflationary pressures from the Iran conflict.

Apartment prices in Seoul rose 0.28% in the week through May 11, the biggest weekly increase since Jan. 26, when prices climbed 0.31%, according to data released Thursday by the Korea Real Estate Board. It was the 67th consecutive week of advances. Nationwide prices also gathered pace, rising 0.06%.