The number of South Koreans moving to different areas dropped by 1.5% in May compared to a year ago, hitting the lowest level in 52 years. Data from South Korea’s Ministry of Data and Statistics revealed that around 466,000 individuals changed residences in May, a decrease of 7,000 from the previous year. This decline was attributed to a recent drop in housing supply.
The population mobility rate, indicating the number of people relocating per 100 residents, decreased by 0.2 percentage points from the previous year to 10.8%. The Ministry pointed to a reduction in new homes available in the market as the primary reason for this decrease. In March and April, the number of completed housing units fell by 41.5% from the previous year, despite a 6.8% increase in homes traded during that period.
Seoul experienced a net outflow of 4,221 residents, while Gyeonggi Province saw a net inflow of 2,433 residents. Additionally, South Chungcheong Province and Incheon added 1,284 and 1,237 residents, respectively. On a different note, the number of newborns in South Korea surged by 18% in April compared to the previous year, marking the highest level in seven years according to government data.
