Slight Increase in Population Movement Last Month... Shift to Growth After 27 Months

Statistics Korea, March Domestic Population Movement Statistics
"Impact of Increase in Jeonse and Wolse Transaction Volume"

The number of movers slightly increased last month, marking a rebound after 27 months. Statistics Korea attributed this to the rise in jeonse and monthly rent transactions in January and February this year.

On the 26th, Statistics Korea released the 'March 2023 Domestic Population Movement Statistics' containing this information.

According to the report, the number of movers in March was 589,000, a 0.3% (2,000 people) increase compared to the same month last year. This marks a reversal from the declining trend in movers that had continued since January 2021.

Among total movers, 62.3% moved within the same province, while 37.7% moved between provinces. Compared to the same month last year, intra-province moves increased by 0.5%, and inter-province moves rose by 0.1%. The population movement rate, which is the number of movers per 100 people, was 13.5%, up 0.1 percentage points from the same month last year.

An official from Statistics Korea explained, "The decrease in movers had been due to a decline in housing sales transactions, a reduction in the young population who tend to move frequently, and an increase in the elderly population who move less, reflecting demographic structural changes. In March, the slight increase in movement is analyzed to be influenced by the rise in jeonse and monthly rent transactions in January and February, as well as an increase in scheduled move-ins from February to March."

Net migration by province in March (inflow minus outflow) showed net inflows in seven provinces including Incheon (2,839 people), Gyeonggi (2,315 people), and Chungnam (1,644 people). Nine provinces experienced net outflows, including Gyeongnam (-2,116 people), Gwangju (-1,272 people), Daegu (-1,247 people), and Seoul (-878 people).

The number of movers in the first quarter of this year was 1,717,000, a 4.8% (86,000 people) decrease compared to the same period last year. The movement rate was 13.6%, down 0.7 percentage points. By age group, the number of movers was highest among those in their 20s (451,000), followed by those in their 30s (345,000). The movement rates were also highest for the 20s (28.7%) and 30s (21.3%) age groups.

(Photo) [Image source=Yonhap News]

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