Seoul: 5th most expensive city

Last year, Seoul was the third most expensive city in the world. And two years ago, it was the second most expensive city even overtaking Tokyo. It ranks 5th this year.

Seoul ranked as the fifth most expensive city to live in, according to a world-renowned consulting firm, Wednesday.

Mercer’s recent Cost of Living Survey, which covered 143 cities, showed Moscow as No. 1, followed by Tokyo, London and Oslo.

I watched a news special on Wednesday night about how expensive the prices of goods are in Seoul compared to that of Tokyo. They blamed the middlemen for the high costs of food. The show discussed the price of radish as an example. Farmers get paid 300 won (US$0.30) per piece and consumers pay 1,500 won (US$1.50) which is 500% of the original cost. They also blamed the same for the high cost of beef. Guess how much three small sweet potatoes cost? Even Starbucks is costlier in Seoul than in Tokyo.

The price of apartments is also unimaginably exorbitant. In our area alone, a new apartment unit of about 120 sq. meters (3 bedrooms) costs 5억4천만원 or about $540,000 (pictured)! It is more expensive in the Gangnam area.

7 thoughts on “Seoul: 5th most expensive city

  • July 25, 2008 at 1:56 pm
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    That’s why I don’t wanna live there. I’m visiting this weekend though. You know anyone watching the Pentaport tom?^^

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  • July 25, 2008 at 2:29 pm
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    In my opinion, most Koreans have a ‘status complex’ meaning they will not touch an imported item is it is not expensive. I read from a news report or blog a while back that Starbuck’s sales had actually gone down when they reduced their prices, meaning that most Koreans will not touch an imported product if its priced similarly to a local product.

    In comparison with Filipinos who also love buying imported stuff, we at least don’t see the price as the only factor, most Filipinos still have the brains to compare and check out value for money.

    ** my opinions do not generalize all Koreans but are reflective of the opinions of most of my close Korean friends.

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  • July 26, 2008 at 12:03 pm
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    That’s why I’m not going there without a full scholarship! My parents would die as paupers! ahahaha. anyhow, here’s your prize for being the Atomic Bomber of the month. ^^; Please inform me when you’ve already downloaded this.delete ko na ung file. ^^;

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  • July 28, 2008 at 3:13 am
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    What’s sadder is that the price doesn’t phase me, lol. Everything is getting ridiculously expensive, but at least Seoul is going down in rank even if its prices are going up, lol.

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  • July 28, 2008 at 7:41 am
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    Hmm… Anu ba yan, gusto ko pa naman pumunta sa Seoul. LOL Ate, if I go to Korea, mga magkano kailngan ko in US $? (Yung kasama na po yung place to stay in, plus food, plus a tour guide? Hehe

    edens last blog post..Cam-addict: Bedroom and New Haircut

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  • July 28, 2008 at 3:11 pm
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    Wah! I tend to gravitate toward expensive places to visit. I want to go to Tokyo next year and practice “Osokunatte sumimasen.” But first I have to rack up enough mileage and work my a** off.

    Teshas last blog post..ESTD: Tamagotchi Baby

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  • July 31, 2008 at 12:02 am
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    hi,pang 7th naman ang Genève, super mahal din ang rent dito. by the way, please vote for Karen at the cutie child contest you can check her pics sa site ko, maraming salamat.

    Mayets last blog post..Wednesday To Do List

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