The number of South Koreans who moved to different residences in the country rose for the second consecutive month on-year in May, data showed Wednesday. Around 498,000 people changed residences last month, up 0.1 percent from a year earlier, according to the data compiled by Statistics Korea. The number fell for the first time in six months in March but rebounded to log 17.1 percent on-year growth in April amid signs of a recovery in the local property market. The population mobility rate, which means the percentage of those relocating per 100 people, inched up 0.1 percentage point on-year to 11.5 percent last month. In on-month terms, however, the number of people who changed their residences has fallen for three months in a row, from 656,000 in February to 563,000 in March and further to 533,000 in April. By region, Seoul saw a net outflow of 5,883 people in May, while Gyeonggi Province, which surrounds the capital, and the northwestern port city of Incheon posted net inflows of 6,224 and 1,445, resp ectively. In 2023, the number of people who changed residences fell to the lowest level in about 50 years amid population aging and a housing market slump. Source: Yonhap News Agency

The number of South Koreans who moved to different residences in the country rose for the second consecutive month on-year in May, data showed Wednesday. Around 498,000 people changed residences last month, up 0.1 percent from a year earlier, according to the data compiled by Statistics Korea. The number fell for the first time in six months in March but rebounded to log 17.1 percent on-year growth in April amid signs of a recovery in the local property market. The population mobility rate, which means the percentage of those relocating per 100 people, inched up 0.1 percentage point on-year to 11.5 percent last month. In on-month terms, however, the number of people who changed their residences has fallen for three months in a row, from 656,000 in February to 563,000 in March and further to 533,000 in April. By region, Seoul saw a net outflow of 5,883 people in May, while Gyeonggi Province, which surrounds the capital, and the northwestern port city of Incheon posted net inflows of 6,224 and 1,445, resp ectively. In 2023, the number of people who changed residences fell to the lowest level in about 50 years amid population aging and a housing market slump. Source: Yonhap News Agency