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.