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S. Korean population predicted to drop

Sat, 05/16/2009 - 15:14 by harsheeb

Seoul -- The South Korean population will begin falling in 2019, the National Statistical Office predicted Friday.
Demographers said that the number of households would increase through 2030, with the average size falling to 2.4 people from 2.6 in 2008, The Chosun Ilbo reported. Kim Soon-deok of Construction Industry Strategy Research said that by 2018, 38 percent of the households will consist of a single person or a couple without children at home, up from 28 percent in 2008.

While overall demand for housing is likely to drop sharply as the population begins to go down, there will be an increased demand for smaller homes to accommodate smaller families. Kim predicted that as South Korean baby boomers hit retirement age they will want to give up large homes for the convenience of a smaller one in an urban area.

Copyright 2009 by United Press International.

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