SEOUL: The number of South Koreans relocating within the country rose by 3.1 percent in September compared to the previous year, driven by a pursuit of more affordable housing options outside the capital, Seoul. Data released on Wednesday indicated that approximately 463,000 individuals changed residences during the month, a rise from 450,000 recorded in the same period last year.
According to Yonhap News Agency, the population mobility rate, which measures the percentage of those relocating per 100 people, increased by 0.4 percentage point to 11.1 percent in September. The uptick is attributed to the movement of residents from Seoul to surrounding regions, spurred by escalating property costs in the capital.
A separate report from the Korea Real Estate Board highlighted that the number of houses traded in August reached 60,648, marking a 17.6 percent increase from the previous year. In terms of regional movements, Seoul experienced a net outflow of 4,300 people in September. Conversely, Gyeonggi Province,
which encircles Seoul, and the northwestern port city of Incheon reported net inflows of 4,659 and 1,809 people, respectively.
Despite the recent increase, the overall number of people changing residences in 2023 has dropped to its lowest level in approximately 50 years, a trend attributed to demographic shifts and a downturn in the housing market.