Seoul Population Declines at Fastest Rate in 5 Years... Real Estate Surge Blamed

The biggest issue of 2020 was undoubtedly the real estate frenzy. Despite the government's bold promises to control housing prices no matter what, apartment prices soared to unprecedented heights, striking a blow to the hearts of ordinary citizens without homes. The apartment night lights filling Seoul feel bitterly poignant. We hope the real estate market will stabilize in the new year of 2021. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Hwang Yoon-joo] This year, Seoul's population has decreased at the largest rate in five years. Both the scale and the rate of decrease were the highest recorded. It is interpreted that the number of residents in Seoul has declined due to the surge in real estate prices.

According to data disclosed on the 4th by the office of Tae Young-ho, a member of the People Power Party, obtained from the Ministry of the Interior and Safety, as of June this year, Seoul's population was 9,565,990. This is a decrease of 154,856 people, or 1.59%, from 9,720,846 a year earlier.

As of June, Seoul's population decreased from 9,989,795 in 2016 to 9,914,381 in 2017, a reduction of 75,414 people, or 0.75%.

In 2018, the population was recorded at 9,814,049, a decrease of 10,332 people, or 1.01%, compared to the previous year, and in 2019, it was 9,757,144, down by 56,905 people, or 0.58%, from the previous year. The decrease in June 2020 compared to the previous year was 36,298 people, or 0.37%.

These figures are based on the resident registration records and include residents, those with unknown residence, and overseas Koreans, but exclude foreigners.

Although the population decline in Seoul has been a long-standing phenomenon, the reason for the larger decrease this year has been pointed out as the surge in real estate prices.

Representative Tae said, "The population continues to decline due to factors such as the surge in real estate prices in Seoul and the economic downturn," and added, "Policies that can protect Seoul citizens, such as expanding housing supply and tax reductions, need to be prepared and implemented."

Among the 25 autonomous districts of Seoul, the district with the largest population decrease in the past year was Nowon-gu. The population of Nowon-gu decreased from 528,887 in June 2020 to 515,997 in June this year, a reduction of 12,890 people, or 2.44%.

The only districts where the population increased were Gangdong-gu and Yeongdeungpo-gu, where large-scale housing developments and move-ins took place.

This content was produced with the assistance of AI translation services.