SEJONG, July 26 (Korea Bizwire) – The number of South Koreans changing their residences dropped nearly 13 percent on-year in June as the housing market showed signs of slowing, the state statistics agency said Tuesday.
A total of 567,000 South Koreans changed their residences in June, down 83,000, or 12.8 percent, from a year earlier, according to data compiled by Statistics Korea.
Among them, 67.6 percent moved their homes within their cities or provinces, while 32.4 percent switched to other areas.
The population mobility rate — the number of those changing their residence for every 100 people — shed 0.18 percentage point to 1.1 percent over the same period.
“The population mobility trend is closely linked with the housing market,” an agency official said. “Home trade data show that it slowed nationwide in June in general, as the government tightened regulations on mortgage loans in a bid to reduce household debts.”
A net 12,064 people moved out of Seoul, while a net 10,215 people moved to Gyeonggi Province, which surrounds the capital. Housing prices in the province are usually lower than those in Seoul.
In the second quarter of 2016, meanwhile, a total of 1.72 million people shifted their residences, down 0.39 percent on-year.