SEOUL, Feb. 18 (Korea Bizwire) — More people moved from Jeju to Seoul than from Seoul to Jeju last year for the first time in more than a decade.
According to an analysis by Zigbang Co., South Korea’s top real estate info application, there was a net inflow of 10 people from Jeju to Seoul in 2019 for the first time since 2009, when 623 more people arrived in Seoul than left for Jeju.
Since 2010, Seoul saw a net outflow of inhabitants to Jeju as residents of the wealthy Gangnam area moved to Jeju Island so that their children could enter international schools, along with seniors seeking a peaceful environment for retirement.
However, negative factors such as a law banning Korean culture in China that took effect after the Terminal High Altitude Area Defense (THAAD) incident and housing prices that have risen sharply are overlapping, changing migration trends.
Jeju’s drop in popularity also seems to be reflected in apartment prices on the island.
Apartment prices in Jeju, which saw record growth of 13.78 percent in 2015, increased by only 3.66 percent in 2019, below the national average.
Image Credit: Yonhap / photonews@koreabizwire.com
