Downtown Nature Republic sits on priciest spot in Seoul

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Downtown Nature Republic sits on priciest spot in Seoul

Published: 30 May. 2017, 19:52

The land where the cosmetics company Nature Republic’s store sits in Myeong-dong, central Seoul, remained the most expensive site in Korea, a position it has held for 14 consecutive years.

According to the Seoul Metropolitan Government on Tuesday, the plot of the cosmetic store was worth 283 million won ($252 million) per 3.3 square meters (35.5 square feet), which is one pyeong. That’s a 3.49 percent increase compared to last year.

The cheapest land in Seoul was a forest under Mount Dobong that was worth just 20,790 won per 3.3 square meters. The most expansive residential area in Seoul was Dongbu Centralville in Daechi-dong, Gangnam, whose value was 45.2 million won per 3.3 square meters.

On average, the government assessed value of lands in Seoul rose 5.26 percent, the sharpest gain in nine years. Mapo District saw the largest increase of 14 percent followed by Yongsan District with 7.13 percent and Gangnam with 6.23 percent.

By Lee Ho-jeong