More Seoulites Look for Homes in the Suburbs

Seoul residents are increasingly looking beyond the capital to buy homes in the suburbs and satellite cities as prices spiral out of control.

Last year, Seoul residents made up the highest proportion of people looking for homes in surrounding Gyeonggi Province since 2009.

According to the Korea Real Estate Board on Monday, 17.3 percent of a total 327,992 apartment transactions in Gyeonggi Province last year involved Seoul residents, up 2.1 percentage points compared to 2020.

Lee Nam-soo, a branch manager at Shinhan Bank, said, "Young homebuyers flocked to Gyeonggi Province where apartments are cheaper than Seoul."

The hollowing-out of the capital is led by young people. According to a study by the Seoul city government, residents of the capital in their 20s and 30s dwindled by 8.2 percent last year compared to 2015.

Most of them are believed to have relocated to Gyeonggi Province.