South Korea domestic moves fall 4.5% to 53-year August low

  • South Korea recorded 471,000 domestic moves in August, the fewest for that month since 1973.
  • The August mobility rate fell to 10.9%, its lowest level since comparable records began in 2000.
  • Gyeonggi Province recorded the largest net inflow, while Seoul posted a net outflow.

Domestic population movement in South Korea fell to 471,000 people in August, down 22,000, or 4.5%, from a year earlier and the lowest August total since 420,000 moves were recorded in August 1973. The mobility rate, measuring movers per 100 people, dropped to 10.9%, its lowest August reading since the series began in 2000. The Ministry of Data and Statistics linked the decline to long-term population contraction alongside a cooling housing market. Home sales in June and July fell 4.4% year on year to 132,000, while apartment completions declined 29.1% to 43,000 units. Intra-regional moves accounted for 64.7% of relocations, compared with 35.3% for moves across provincial or metropolitan boundaries; inter-regional movement declined more sharply. Gyeonggi Province recorded the largest net inflow, while Seoul posted a net outflow. Incheon had the highest population-adjusted net migration rate, and Sejong the lowest.

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South Korea domestic moves fall 4.5% to 53-year August low - CoinPost Terminal