Value context and insight. lkm@koreatimes.co.kr
Seoul population drops at fastest pace in 22 years
By Lee Kyung-min
By Lee Kyung-min
The number of people living in Seoul dropped at the steepest pace in 22 years last year as more people moved out of the capital due to soaring housing prices, government data showed Sunday.
Some observers say the improved public transport system has helped disperse the heavily concentrated population and that the country has achieved balanced development.
Others view the people as being “forced out” to the surrounding Gyeonggi Province as a result of soaring housing prices amid the lack of a proper government housing plan in 2018.
According to data from Statistics Korea, Seoul's population dropped to about 9.7 million (9,765,623) as of December 2018, down 0.9 percentage points from a year earlier. The population has fallen every year since 2010.
The drop by 91,803 people is the steepest since 1996 when the population fell by 132,795 from 10.5 million to 10.4 million.
In contrast, the population in Gyeonggi Province increased to more than 13 million (13,077,153) as of December 2018, a 1.6 percentage point rise from a year earlier.
The jump by 203,258 people is the highest since 2010 when more than 320,000 people moved to the province.
Experts say a growing number of former Seoul residents have chosen to live in the surrounding province following a comprehensive city plan (2001-2033) under which state-run and public organizations have been or are scheduled to be relocated there.
Key areas under development include Pangyo in Seongnam, Dongtan in Hwaseong and Wirye.
The plan in turn created subsequent demand for housing, further boosted by the establishment of various public transport systems including the high-speed Super Rapid Train (SRT) and the Great Train Express (GTX) that connect key areas in the province and Seoul.
“Thanks to the high-speed trains, commuting hours for Gyeonggi residents are not long compared to those living in Seoul,” an official from the Korea Appraisal Board said.
“This could help people choose the province given commuting hours are among the top determining factors for those who have to go to Seoul daily.”
However, others say the move indicates that the government housing policy has failed, given that people in their 40s accounted for most of those who have left Seoul.
“The Moon Jae-in administration has a housing policy best defined by the core emphasis put on newlyweds in their 20s and 30s,” according to a professor specializing in the real estate market.
“While the measure is understandable given that the new couples are likely to have children, which could solve the low birthrate crisis, the measure largely has been neglectful of people in their 40s, the key demographic that creates demand in the housing market,” said the specialist, who asked not to be named.