By Kang Yoon-seung
SEOUL, Aug. 30 (Yonhap) — Statistics Korea reported Wednesday that the number of South Koreans moving to other areas dropped in July from the year before, following signs of a revival in the property market.
The data revealed that 482,000 people changed residences last month, an increase of 4.9 percent compared to the same time period in the prior year.
The recovery came in the wake of indications of a recovery in the country’s real estate market, as the central bank kept the benchmark interest rate steady.
According to statistics from the Korea Real Estate Board, the number of homes traded in June was 52,592, a 4.5 percent rise from the year before.
In a widely anticipated decision, South Korea’s central bank maintained its key interest rate at 3.5 percent for the fifth consecutive time last week, as it considers the deceleration of economic growth and moderating inflation.
The population mobility rate — the percentage of people relocating per 100 people — reached 11.1 percent in July, a 0.5 percentage point year-on-year increase.
Gyeonggi Province, which surrounds Seoul, saw a net influx of 3,499 people, with Incheon, located west of the capital, adding 2,906.
Meanwhile, Seoul posted a net outflow of 2,692, with South Gyeongsang Province and the southeastern port city of Busan losing 1,105 and 1,068, respectively.
Pedestrians walk on a street in the central district of Myeongdong in Seoul on Aug. 27, 2023. (Yonhap)
colin@yna.co.kr
(END)