South Koreans' Relocation Hits 52-Year Low in May Amid Housing Shortage
Quick Look
- South Korea saw a 1.5% drop in inter-regional relocations in May, reaching a 52-year low with 466,000 people moving.
- The Ministry of Data and Statistics cited a decline in new housing supply as the primary cause.
AI-generated summary
Why It Matters
The number of South Koreans relocating to new regions fell 1.5% in May from a year earlier to the lowest level in 52 years, attributed to a decrease in new homes on the market.
By Kang Yoon-seung
SEOUL, June 24 (Yonhap) -- The number of South Koreans relocating to new regions fell 1.5 percent in May from a year earlier to the lowest level in 52 years, data showed Wednesday, amid a recent decline in housing supply.
Around 466,000 people changed residences in May, down 7,000 from a year earlier, according to data from the Ministry of Data and Statistics. It marked the lowest figure for any May month since 415,000 tallied in 1974.
The population mobility rate -- which refers to the number of people relocating per 100 residents -- fell 0.2 percentage point from a year earlier to 10.8 percent.
The ministry attributed the decline to a decrease in the number of new homes on the market.
The number of completed housing units in March and April fell 41.5 percent from a year earlier, although the number of homes traded during the period rose 6.8 percent.
By region, Seoul posted a net outflow of 4,221 residents, while Gyeonggi Province, which surrounds the capital, recorded a net inflow of 2,433 residents.
South Chungcheong Province and Incheon, west of Seoul, added 1,284 and 1,237 residents, respectively.
What to Watch
AI outlook — possibilities, not facts
Further decline in population mobility if housing supply does not improve.
Likely · Medium term
Open Questions
- Will housing supply increase in the coming months?
- What are the long-term impacts on regional economies?
