Among Seoul's major shopping streets, rents for retail space are most expensive in Apgujeong-dong in Gangnam district.

According to consultancy Real Estate 114 on Thursday, store owners in the area paid the highest average rent of W56,800 per sq. m in the first quarter of the year.

Sincheon-dong in Songpa district ranked second at W51,800, followed by Sinsa-dong in Gangnam district at W39,400 (US$1=W1,087).

Commercial space has been expanding in Sinsa-dong with an increase in cafes and restaurants, the consultancy said. Rents in the area are rising due to an influx of shops moving from nearby Apgujeong-dong as rental costs there skyrocket, it added.

Other expensive commercial areas are the posh Cheongdam-dong (W35,000) in Gangnam district, and Itaewon (W34,400) in Yongsan district which caters largely to foreign shoppers.

In the northern part of Seoul, shop owners in the area around Sungshin Women's University in Seongbuk district also pay expensive rents of W34,300 per sq. m, while those in the traditional shopping street in the Jongno district pay W33,900.