South Korea's Population Mobility Hits 51-Year Low for November

Fewer South Koreans are on the move than at any time in the last half-century. The number of people relocating within the country fell to a 51-year low for November, a stark indicator of a sluggish housing market and profound demographic shifts. According to data released on December 24 by the Ministry of Data and Statistics, around 428,000 people changed residences last month, an 8.2% decrease from a year earlier and the lowest November figure since 1974.

Demographics and a Frozen Housing Market

The decline stems from both long-term structural issues and short-term economic pressures. A persistently aging and shrinking population means there are simply fewer people to move. Compounding this is a chilled housing market and a drop in the supply of newly completed apartments. “Housing transaction volumes in September and October, which could affect mobility figures for November, rose slightly from a year earlier, but the number of completed apartment units declined,” a ministry official said. The population mobility rate, which measures the number of movers per 100 residents, also hit a record low of 10.2%, the lowest since the ministry began compiling the data in 2000.

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The 'Exodus from Seoul' Continues

While overall movement has slowed, the trend of people leaving the nation's capital is accelerating. In November, Seoul recorded a net outflow of 5,504 residents. Meanwhile, the surrounding Gyeonggi Province and the port city of Incheon saw net gains of 2,789 and 1,902, respectively. This data underscores a persistent pattern where residents, priced out of Seoul's expensive housing market, are relocating to more affordable neighboring areas.