Next Neighbourhoods 2021: Gangnam, Seoul, South Korea
Gangnam district, globally famous due to 2012’s quirky pop hit “Gangnam Style”, is the third largest of Seoul’s 25 districts. Literally meaning south of the river, it is sandwiched between the metropolitan satellite districts of Bundang, the CBD in Gangbuk and Pangyo, South Korea’s Silicon Valley.
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Why is it primed for growth?
There is a high concentration of wealth in the area. Apartment prices have risen by 86% in the past 18 years and Gangnam boasts Seoul’s highest price per square metre. Its location and transport links attract a million commuters every day. Large scale redevelopment projects are currently under way, with LG, Lotte and other firms redeveloping entire blocks to relocate their headquarters. Its schools are famous for getting students into Seoul National University and other top universities.
My favourite bits:
Not only is Gangnam considered to be South Korea on steroids, it’s also home to Asia’s largest underground mall, Starfield COEX Mall. The mall houses, or is connected to, many luxury brand stores, movie theatres, an aquarium, casino, duty-free shops, five-star hotels and department stores.
What will my money buy me?
Exclusive membership into an elite inner circle that oozes affluence and exclusivity. Prices at a new high-end Gangnam membership residence, Gallery832, range from US$2.8 million to US$4.6 million. Most units are similar in size, but the price varies depending on the view
One thing the locals like to keep secret:
From hot clubs, bars and eateries – 19 of Seoul’s 33 Michelin-starred restaurants are here – to plastic surgery clinics and supercar dealerships, Gangnam is the playground for many super-rich South Koreans and their jet setting friends. The best-kept local secret is a universal truth: “When in Gangnam, do as the Gangnam folks do.”