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.

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.