Myeongdong in downtown Seoul ranked as the world’s 9th most expensive shopping destination, global commercial real estate service Cushman & Wakefield said Thursday.
According to its report, monthly rent there averages 608,100 won per square meter, a 0.6 percent increase from last year.
Gangnam in southern Seoul followed at 509,920 won, up 2.7 percent, and Apgujeong, also in southern Seoul, marked a 12.9 percent increase to 138,566 won per square meter.
“Prime values in Seoul’s major districts have shown healthy growth, aided by a strong economic recovery, robust retail sales and stable consumer sentiment,” said Richard Hwang, managing director at Cushman & Wakefield Korea.
Myeongdong averages 1.5 million visitors a day during the week and over 2.3 million on weekends. It is the most popular shopping destination for foreign tourists, especially those from China and Japan. The popularity of Korean cosmetics with diverse inexpensive make-up brands such as Etude has seen The Face Shop and Innisfree opening shops in Myeongdong for easy accessibility. Clerks in those shops even speak Japanese or Chinese. The shops are mostly in the most expensive location ― the main street.
Cosmetics brand The Nature Republic's shop in the center of Myeongdong is the most expensive plot of land in the country ― it is valued at 62.3 million won per square meter. According to real estate agents, the shop is paying 150 million won monthly rent with a 3.2 billion won deposit.
Source: The Korea Times
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