Rents Soar in Trendy Seoul Districts

      January 22, 2015 13:07

      The rents for commercial properties in the Hongik University, Konkuk University, and Itaewon areas in Seoul have risen rapidly in recent months.

      According to real estate portal Budongsan 114, the average monthly rent in commercial district of Hongik University in the fourth quarter of 2014 rose a whopping 17.2 percent from the third quarter.

      The Konkuk University area and Itaewon saw rents increase 15.9 and 14.1 percent, respectively.

      The Hongik University area continues to attract crowds of visitors, and since the opening of a shopping center targeting Chinese tourists their numbers have soared.

      Kim Min-young of Budongsan 114 said, "The area has a lot of unique independent boutiques and shops and inexpensive guesthouses, and is well connected to the airport."

      Some restaurants in the Konkuk University area have become famous, so the rents near the restaurant streets skyrocketed. Itaewon has many independent shops along narrow alleys, and boasts cultural diversity.

      The Sinsa and Apgujeong areas in affluent southern Seoul also saw a smaller increase in rents as more tourists come to medical clinics the areas are famous for. 

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