Seoul: The number of South Koreans moving to new homes rose to a four-year high in September, driven in part by the Chuseok holiday, which fell in October this year, according to data released Wednesday. Around 494,000 people changed residences last month, marking a 6.5 percent increase from a year earlier.
According to Yonhap News Agency, this was the highest September figure since 2021, when 566,000 people relocated. Population mobility in South Korea has generally been declining over the long term due to an aging and shrinking population. However, short-term trends are often influenced by housing transactions and the supply of new apartments.
The Ministry of Data and Statistics noted that last month's rise in relocations was affected by the absence of a Chuseok holiday in September this year, along with delayed moves linked to housing transactions in June and July. The population mobility rate, which refers to the percentage of people relocating per 100 residents, increased by 0.7 percentage points on-year to 11.8 percent.
By region, the data showed that Seoul logged a net outflow of 3,382 residents in September, while the western port city of Incheon reported a net gain of 3,422 residents.