Myeongdong, Seoul’s iconic commercial district, has garnered attention for its high rental prices, securing 9th place globally among major cities. According to a report by Cushman & Wakefield Korea, a global real estate services firm, the average annual rental price per square meter in Myeongdong has reached $1,000. This represents a 3% increase from the previous year, maintaining its position at 9th in the global rankings.
Milan Takes 1st Place, Surpassing New York
Milan’s Via Monte Napoleone tops the list, with rental prices reaching approximately $2,800 per square meter, an 11% increase from last year. The price increase in Milan has outpaced New York’s Upper Fifth Avenue, which held steady at $2,300 per square meter. Other prominent commercial areas include New Bond Street in London, Tsim Sha Tsui in Hong Kong, the Champs-Élysées in Paris, and Ginza in Tokyo.
The Growth of K-Culture and the Medical Market Drives Myeongdong’s Commercial Area
The rise of Korean culture and the booming medical market targeting foreign visitors has fueled demand in Myeongdong. According to a representative from Cushman & Wakefield Korea, the influx of foreign tourists, drawn by the global popularity of K-culture, has revitalized the area. This visitor surge has resulted in higher rental prices and a notable decrease in vacancy rates within the district.
The survey, which analyzed commercial rental prices across 138 cities worldwide, revealed a global rental increase of 4.4%. North America saw the most significant increase, with an 8.5% rise; Europe experienced a 3.5% increase, and the Asia-Pacific region saw a 3.1% rise.
Global Commercial Rental Price Rankings
1. Milan, Italy – $2,800
2. Upper Fifth Avenue, New York, USA – $2,300
3. New Bond Street, Londo,n UK – $2,000
4. Tsim Sha Tsui, Hong Kong – $1,800
5. Champs-Élysées, Paris, France – $1,500
6. Ginza, Tokyo, Japan – $1,350
7. Berlin, Germany – $1,220
8. Shanghai, China – $1,150
9. Myeongdong, Seoul, South Korea – $1,000
10. Orchard Road, Singapore – $950
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