Population mobility down in August amid housing market slowdown
The number of Koreans who moved to new residences decreased in August from a year earlier amid a recent decline in housing transactions, data showed Wednesday. Around 471,000 people changed residences in August, down 22,000 from a year earlier, according to data from the Ministry of Data and Statistics. It was the lowest figure for any August in 53 years since the 420,000 recorded in 1973. The…
Korea saw a decline in population mobility in August, with fewer people relocating to new homes, according to recent data. Around 471,000 individuals changed residences in August, a decrease of 22,000 compared to the same period last year, marking the lowest figure since 1973. The population mobility rate, which measures the number of people moving per 100 residents, fell by 0.5 percentage points to 10.9%.
The data ministry cited a slowdown in housing transactions and a shortage of new homes as the primary reasons for this decrease.
Housing transactions dropped by 4.4% in June and July, totaling 132,000 homes traded, while the completion of apartment units fell by 29.1% to 43,000. The regions with the most notable outflows included Seoul, which reported a net outflow of 2,901 people, followed by South Gyeongsang Province with 1,230 and the Jeonnam-Gwangju area with 1,081. In contrast, Gyeonggi Province saw a net inflow of residents.
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- Population mobility down in Aug. amid housing market slowdown en.yna.co.kr
- Population mobility down in August amid housing market slowdown koreatimes.co.kr
