SEOUL– The number of South Koreans who moved to different residences in the country fell to the lowest level in 48 years in October amid a slump in the property market, data showed Wednesday.
The number of people who changed their residences stood at 456,000 last month, down 15.5 percent from a year earlier, according to the data compiled by Statistics Korea. It marked the lowest figure for any October since the 412,000 tallied in 1974.
The latest figure also marked 22 consecutive months of decline.
The decrease apparently came due to a demographic change and a decrease in housing transactions.
People in their 20s and 30s tend to frequently change their residences due to housing prices and work. But the proportion of such young adults continued to fall amid low birthrates.
Housing transactions also remained in the doldrums as home prices fell due to soaring interest rates.
The population mobility rate — the percentage of those relocating per 100 people — amounted to 10.5 percent in October, down 1.9 percentage points from the previous year.
Seoul posted a net outflow of 6,436 people last month, while the western port city of Incheon and Gyeonggi Province, the most populous province that surrounds the capital, posted net inflows of 2,506 and 4,619, respectively.
The change apparently came as more people continued to search for affordable housing options outside the capital city.
Seoul, the country’s second-largest city of Busan, and seven other cities and provinces posted net outflows, with eight other regions recording net inflows, according to the data.
Source: Yonhap News Agency