SEOUL — South Korea recorded its lowest number of people changing residences in June, the fewest in 50 years, influenced by a shortage of new homes and demographic shifts, Statistics Korea reported on Wednesday.
According to Yonhap News Agency, Approximately 440,000 people relocated last month, a 7.1 percent decrease compared to the previous year. This figure represents the lowest for any June since 1974 when 356,000 people changed their residences. The decline was attributed to a 22.9 percent yearly reduction in new apartments available in May and June, along with aging population dynamics impacting mobility rates. The population mobility rate dropped to 10.5 percent last month, the lowest rate for June since the data began to be collected in 2000.
Regionally, Seoul experienced a net outflow of 5,558 people in June, continuing a four-month trend of net departures. Conversely, Gyeonggi Province and Incheon saw net inflows of 6,490 and 1,196 people, respectively. Overall, the year 2023 marks the lowest level of residential mobility in approximately five decades, highlighting significant changes in housing availability and population demographics.