Number of people changing residences falls to 16-year low in January
This photo shows apartment buildings in Seoul, Feb. 23. Yonhap
The number of Koreans who relocated to new residences last month fell to its lowest level in 16 years, data showed Wednesday.
Approximately 510,000 people moved in January, marking a 14.6 percent decline from a year earlier, according to the data from Statistics Korea. It marked the lowest figure for the month since 2009.
The agency attributed the sharp drop to population aging and demographic contraction, as well as a reduced supply of new apartment units.
Last month's extended Lunar New Year holiday also likely contributed to the decline, along with a base effect from January 2023, which saw an 18 percent on-year increase, the agency said.
The population mobility rate, referring to the percentage of those relocating per 100 people, inched down 2 percentage points from a year earlier to 11.8 percent in January. (Yonhap)