South Korea’s land price drops for the first time in 13 years, shops close one after another

Original title: South Korean land prices fell for the first time in 13 years, shops closed one after another

Myeongdong in Seoul, South Korea is not only a famous commercial district, but also the most expensive area in South Korea. For more than ten years, a building there has been the “king of land” in South Korea. The Ministry of Land, Infrastructure and Transport of South Korea recently released the information on “Publication of Land Prices in 2022”. This piece of land has topped the list for 19 consecutive years at a public land price of 189 million won (approximately 1.01 million yuan) per square meter. However, the land price itself fell by 8.5% year-on-year, which was the first drop since 2009.

In the third quarter of last year (2021), the vacancy rate of large and medium-sized shops in the Myeongdong business district was as high as 47.2%, which was much higher than the 9.7% average vacancy rate in Seoul and nearly five times that of the same period in the previous year (2020). The reporter observed at the first intersection of the Myeongdong business district at the exit of Myeongdong subway station that the two most conspicuous shops at the intersection had been emptied and the words “rental” were posted, and the closed shops in the alley were even worse. Family after family. (CCTV, Gamma)

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