▲ A real estate agency in Seoul displays rent listings in this Feb. 18, 2024, file photo. (Yonhap)

population mobility-tally

Population mobility hits 5-yr high in March: data

SEOUL, April 22 (Yonhap) -- The number of South Koreans relocating to new homes reached its highest level for any March period in five years, driven by increased housing transactions, data showed Wednesday.

About 609,000 people changed residences in March, up 11 percent from a year earlier, according to the data from the Ministry of Data and Statistics.

The figure marked the highest March level since 2021, when 735,000 people moved.

The population mobility rate -- which refers to the number of people relocating per 100 residents -- rose 1.4 percentage points on-year to 14.1 percent.

"Housing transaction volumes in January and February rose by 30 percent compared to the same period last year. Also attributable were delays in moving due to the Lunar New Year holiday in February, as well as policy measures promoting population inflows into some local communities," a ministry official said.

By region, Seoul posted a net outflow of 167 residents, while Gyeonggi Province, surrounding the capital, recorded a net inflow of 2,165 residents. The western port city of Incheon also reported a net gain of 1,586 residents in March.

The number of movers is influenced by housing transactions and the supply of newly completed apartments in the short term, while in the long term it has been on a downward trajectory amid an aging and shrinking population.

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