Population mobility up in August on housing market rebound

Pedestrians cross a road in central Seoul, Sept. 22. Yonhap

The number of Koreans who changed residences to a different region rose 3.8 percent from a year earlier, data showed Wednesday, amid signs of a rebound in the local property market.

Around 538,000 people changed residences last month, compared with 519,000 posted a year earlier, according to the data compiled by Statistics Korea.

The rebound came after signs of a recovery in the country’s property market, as the central bank continued to freeze the key interest rate.

According to data from the Korea Real Estate Board, the number of houses traded in July reached 48,170, soaring 21.6 percent from a year earlier, as the central bank continued to hold steady its key interest rate.

The Bank of Korea kept its key interest rate at 3.5 percent last month for the fifth straight time as it weighs a slowdown in growth amid moderating inflation.

The population mobility rate — the percentage of those relocating per 100 people — reached 12.4 percent in August, up 0.5 percentage point on-year.

Gyeonggi Province, which surrounds Seoul, experienced a net inflow of 2,090 people, with Incheon, west of the capital city, adding 3,834.

Seoul, on the other hand, posted a net outflow of 1,020, with South Gyeongsang Province losing 1,874 people, the data showed. (Yonhap)

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