The Yongsan District has the most expensive commercial real estate in Seoul amid high expectations for development there, including an international business district.
Estate agents Real Estate 114 on Sunday said it looked at the prices of about 30,000 commercial properties in the capital and found that the average price of shops on the ground floor of commercial buildings in the Yongsan-dong 3-ga area was the highest at W106 million (US$1=W1,134) per 3.3 sq. m. That is a whopping 3.6 times more than the city-wide average of W28.86 million.
Second was Dongsung-dong in Jongno District with W80 million and third ritzy Myeong-dong in Jung District with W76.96 million.
Three other areas in Yongsan rank in the top 10 -- Hangangro 3-ga is fourth with W73.38 million, Hangangro 1-ga fifth with W72.65 million, and Ichon-dong eighth with W66.35 million.
The Yongsan international business district development project is worth about W30 trillion, making it the biggest project in the nation’s history. Several high-rise residential-commercial projects are also being built.
Chang Yong-hoon of Real Estate 114 said, "You should be very careful about investing in Yongsan because of uncertainties from the recession, but there are high expectations that the district will emerge as a new center of Seoul."