Population mobility up in July amid property market rebound

The Korea Times

The Korea Times

National

Tue, November 28, 2023 | 23:27

Society

Population mobility up in July amid property market rebound

Posted : 2023-08-30 13:27

Updated : 2023-08-30 16:47

Pedestrians walk on a street in the central district of Myeongdong, Seoul, Aug. 22. Yonhap

The number of Koreans moving to other areas declined in July from a year earlier, data showed Wednesday, following signs of a recovery in the property market.

Around 482,000 people changed residences last month, up 4.9 percent from a year earlier, according to the data compiled by Statistics Korea.

The rebound came after signs of a recovery in the country's property market, as the central bank continued to freeze the key interest rate.

According to data from the Korea Real Estate Board, the number of houses traded in June reached 52,592, up 4.5 percent from a year earlier.

In a widely expected decision, Korea's central bank held its key interest rate steady for the fifth straight time at 3.5 percent last week as it weighs a slowdown in growth amid moderating inflation.

The population mobility rate ― the percentage of those relocating per 100 people ― reached 11.1 percent in July, up 0.5 percentage point on-year.

Gyeonggi Province, which surrounds Seoul, experienced a net inflow of 3,499 people, with Incheon, west of the capital city, adding 2,906.

Seoul, on the other hand, posted a net outflow of 2,692, with South Gyeongsang Province and the southeastern port city of Busan losing 1,105 and 1,068, respectively. (Yonhap)