Population mobility falls 11.5% in February amid holiday season: data

The number of South Koreans relocating to new homes fell 11.5 percent from a year ago in February due mainly to an aging and shrinking population, coupled with the Lunar New Year holiday that reduced moving activity, data showed Wednesday. Around 615,000 people changed residences in February, down by 80,000 from a year earlier, according to the data from the Ministry of Data and Statistics. The number of movers has been on a long-term downward trend amid the country's aging and shrinking population. In the short term, the figure is also influenced by housing transactions and the supply of newly completed apartments. The agency also said the number of movers declined further due to the extended Lunar New Year holiday during the month. The population mobility rate, which refers to the percentage of people relocating per 100 residents, fell 2 percentage points on-year to 15.7 percent, the data showed.

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