Seoul: The number of South Koreans relocating to new residences declined for the third consecutive month in May, government data showed Wednesday, as the country's aging population and a prolonged slump in the housing market continued to dampen domestic mobility.
According to Yonhap News Agency, approximately 473,000 people changed residences last month, marking a 4.9 percent decrease from the same period a year earlier. This decline continues the downward trend observed since March.
The population mobility rate, which indicates the percentage of people relocating per 100 residents, also saw a reduction, dropping 0.6 percentage points from a year earlier to 10.9 percent. This is the lowest rate recorded for any May since the statistics began in 2000.
Statistics Korea attributed the ongoing decline in population movement to the demographic shift toward an older population and subdued activity in the real estate market.
Region-specific data revealed that Seoul experienced a net outflow of 3,657 residents in May. Conversely, the nearby port city of Incheon recorded a net inflow of 3,237 people, while Gyeonggi Province, which surrounds the capital, posted a net gain of 3,237 residents.