Improved housing market sparks jump in residence changes in April

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Improved housing market sparks jump in residence changes in April

Published: 29 May. 2024, 18:52

SARAH CHEA
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This photo taken May 26, 2024, shows apartment complexes in Seoul. [YONHAP]

The number of Koreans who moved houses nationwide increased in April from a year earlier amid signs of a recovery in the local property market, data showed Wednesday.

Around 533,000 people changed residences last month, up 17.1 percent from a year earlier, according to data compiled by Statistics Korea.

Figures from the Korea Real Estate Board found the number of houses traded in March rose 0.9 percent on year to 52,816 units on an apparent recovery in the property market.

The population mobility rate — the percentage of those relocating per 100 people — also advanced 1.9 percentage points from last year to 12.7 percent last month.

By region, Seoul saw a net outflow of 5,842 people in April, while Gyeonggi, which surrounds the capital, and the northwestern port city of Incheon posted net inflows of 5,756 and 2,612, respectively.

In 2023, the number of people who changed residences fell to the lowest level in about 50 years amid population aging and a housing market slump.

Yonhap

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