Relocation Rate Increases in August as Housing Market Recovers


On Wednesday, Statistics Korea reported that the number of South Koreans who moved to a different region in August was 3.8 percent higher than the same time last year. This increase follows signs of a resurgence in the local real estate market, which is attributed to the Bank of Korea’s decision to keep the key interest rate steady.

In August, a total of 538,000 individuals relocated, compared to the 519,000 in the same month of the previous year. Data from the Korea Real Estate Board reveals that the number of houses traded in July was 48,170, a 21.6 percent increase from the same month in the prior year.

The Bank of Korea has kept the key interest rate at 3.5 percent for the fifth consecutive month, as it assesses the impact of a slowing economic growth and moderating inflation. This has resulted in a 0.5 percent increase in the population mobility rate, which measures the percentage of people relocating per 100 people.

Gyeonggi Province, which surrounds Seoul, experienced an influx of 2,090 people, while Incheon, located west of the capital city, added 3,834 new residents. Conversely, Seoul saw a net outflow of 1,020, and South Gyeongsang Province lost 1,874 people.

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