population mobility-May
Population mobility falls in May amid housing market uncertainties
By Kang Yoon-seung
SEOUL, June 28 (Yonhap) -- The number of South Koreans moving to other regions fell in May from a year earlier, data showed Wednesday, amid uncertainties in the local housing market.
Around 497,000 people changed their residences last month, down 4.9 percent from a year earlier, according to the data compiled by Statistics Korea. It was the lowest for any May since 1975.
The decrease apparently came as some potential property buyers were taking a cautious approach due to uncertainties regarding future rate hikes and the ongoing economic slowdown.
According to data from the Korea Real Estate Board, the number of properties traded in April came to 47,555, down 18.6 percent from a year earlier. The figure fell 9.1 percent on-month.
Last month, the Bank of Korea kept its benchmark rate unchanged at 3.5 percent, the third straight time it froze the rate, and it trimmed this year's growth estimate in the face of an extended slowdown in exports amid easing inflationary pressure.
Experts blamed the decrease on the aging population, as older people are less likely to relocate to other regions.
The population mobility rate -- the percentage of those relocating per 100 people -- reached 11.4 percent in May, down 0.6 percentage point on-year.
Eight regions experienced a net inflow of people, with Gyeonggi Province adding 4,427, followed by Incheon, located 27 kilometers west of Seoul, with 1,991.
Nine others suffered a net outflow, with the capital city of Seoul losing 3,353, followed by South Gyeongsang Province with 1,399.
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