Seoul, South Korea – South Korea experienced a resurgence in population migration last year, driven by an increase in home sales, according to data released by the Statistics Korea on Thursday. The total number of domestic migrants rose by 2.5% to 6.28 million in 2023, marking the first increase in four years.
While the aging population had previously led to a decline in migration, the recent revival of the housing market appears to have incentivized people to move. The migration rate, which represents the number of migrants per 100 people, also climbed to 12.3%.
Seoul Outflow Continues Despite the nationwide uptick, Seoul continued its 35-year streak of population outflow. The capital city saw the highest net outflow among all age groups above 30. However, Seoul experienced a net inflow of people in their 20s, likely due to job and educational opportunities.
Among other cities, Incheon, Sejong, Chungnam, Gyeonggi, and Chungbuk recorded net population inflows, with Incheon attracting people of all age groups due to its housing supply.
Yongsan Leads Outflow Among Districts At the district level, Yongsan-gu in Seoul experienced the most significant population outflow, with a 4.3% decrease attributed to redevelopment projects driving residents to neighboring areas. Other districts with notable outflows included Uijeongbu in Gyeonggi Province and Chilgok in North Gyeongsang Province.
Meanwhile, Daegu Jung-gu, Yangju in Gyeonggi Province, and Osan in Gyeonggi Province saw the highest net inflows.
Housing Remains a Primary Motivator The primary reasons for moving were housing (34.5%), family (24.7%), and work (21.7%). The data suggests that residential moves driven by housing and family considerations increased compared to the previous year.
"While the aging population and declining birthrate will likely lead to a long-term decrease in migration, the recent surge in home sales has undoubtedly influenced the increase in migration last year," said Onnuri, the head of the population projection team at the Statistics Korea.
[Copyright (c) Global Economic Times. All Rights Reserved.]
