South Korean residential moves hit 53-year low in August amid sluggish housing market
In August, about 471,000 South Koreans changed homes, the fewest for any August since 1973, as housing sales and new-unit completions fell.
According to the Ministry of Data and Statistics, 471,000 South Koreans moved to new residences in August, a decrease of 22,000 compared with the same month last year and the smallest August total since 1973. The population mobility rate fell to 10.9 percent, down 0.5 percentage points. The ministry attributed the slowdown to weaker housing market activity, noting that home sales in June and July dropped 4.4 percent and that the number of completed apartment units fell 29.1 percent.
Regionally, Seoul experienced a net loss of 2,901 movers, while South Gyeongsang Province and the Jeonnam-Gwangju area each saw net outflows of 1,230 and 1,081 respectively. In contrast, Gyeonggi Province recorded a net gain of 4,486 people, followed by Incheon with an inflow of 2,270. The trends highlight the impact of the housing market slowdown on internal migration patterns.
Why it matters
The decline signals weakening demand in South Korea's housing market, affecting construction, finance and regional population balances.
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