Seoul: The number of South Koreans relocating to new homes reached the highest level for July in four years, mainly due to an increase in housing transactions, government data showed Wednesday. Around 553,000 people changed residences last month, marking an 8.1 percent increase from a year earlier, according to Statistics Korea.
According to Yonhap News Agency, the figures for July represent the highest level since 2021, when 563,000 people moved to new residences. The population mobility rate, which indicates the percentage of people relocating per 100 residents, increased by 0.9 percentage points from the previous year, reaching 12.8 percent. An agency official noted that the increase in housing transactions has led to more people moving, although the overall trend of population movement continues to decline due to aging and demographic changes.
The period between May and June saw a rise in both apartment completions and housing sales, with increases of 7.2 percent and 20 percent, respectively, compared to the same period last year. By region, Seoul experienced a net outflow of 2,554 residents in July. Meanwhile, Gyeonggi Province, which encircles the capital, recorded a net gain of 2,617 residents. The western port city of Incheon reported a net inflow of 1,662 people during the same month.