SEOUL– The number of South Koreans who moved to different residences in the country dipped 16 percent from a year earlier in November amid the country’s aging population, data showed Wednesday.
Around 476,000 people changed their residences last month, down 91,000 from a year earlier, according to the data compiled by Statistics Korea. The figure marked the 23rd consecutive month of decline.
It was also the lowest for any November since the 394,000 tallied in 1974.
The decrease apparently came as housing transactions remained in the doldrums with falling home prices due to soaring interest rates.
The number of homes traded from September to October came to 65,000, down 59 percent from a year earlier.
While younger generations tend to frequently change their residences due to housing prices and work, the number of such young adults continued to fall amid low birthrates as well.
The population mobility rate — the percentage of those relocating per 100 people — amounted to 11.3 percent in November, down 2.1 percentage points from the previous year.
Seoul posted a net outflow of 6,405 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 2,635 and 3,842, respectively.
The change within the greater Seoul area apparently came as people sought affordable housing options outside the capital city.
Seoul, the country’s second-largest city of Busan, and six other cities and provinces posted net outflows, with nine other regions recording net inflows, according to the data.
Source: Yonhap News Agency