July Population Movement Decreases by 3.4%... Impact of Reduced Supply of Upcoming Apartment Units

66% Intracity Movement, 34% Intercity Movement Recorded
Gyeonggi, Sejong, and Chungnam Show Net Inflow

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Domestic population movement has decreased for seven consecutive months as the supply of apartments scheduled for occupancy in June and July dropped by 39% compared to the same period last year.

According to the July domestic population movement statistics from Statistics Korea on the 25th, the number of movers last month was 563,000, a 3.4% decrease from one year ago. The number of movers has been declining for half a year since January this year.

Movements within provinces decreased by 5.7%, while movements between provinces increased by 1.3%.

An official from Statistics Korea explained, "The significant factor was the 39% decrease in apartments scheduled for occupancy in June and July compared to a year ago," adding, "As housing market indicators slowed down, the number of movers decreased."

The population movement rate, which refers to the number of movers per 100 people, was 12.9%, down 0.5 percentage points from a year ago.

Looking at the movement situation by province, 10 provinces including Seoul (-8,429), Busan (-2,096), and Daegu (-1,749) experienced net population outflow.

Seoul has seen net population outflow for 17 consecutive months since March last year. Statistics Korea explained that in Seoul, population inflow occurs only when a large volume of apartment occupancy is released.

Seven provinces including Gyeonggi (10,591), Sejong (1,137), and Chungnam (1,034) experienced net population inflow.

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