Myeongdong Street in central Seoul bustles with people during lunch time in this photo taken on Oct. 13, 2021. (Yonhap)
SEOUL, Nov. 17 (Korea Bizwire) — Myeongdong, a popular tourist and shopping district in Seoul, is showing signs of revival after a long slump due to the COVID-19 pandemic.
The vacancy rate of small commercial buildings within the district stood at 36.9 percent in the third quarter of this year, down 6.4 percentage points from a year ago, according to Real Estate Info Co., a real estate market analysis company.
The vacancy rate of mid and large-sized commercial buildings within the district also fell by 4.2 percentage points to 43 percent during the period.
The district’s vacancy rate is still the highest in Seoul, but is showing a gradual recovery thanks to the increase in the number of foreign tourists visiting the district and the hike in the floating population.
According to statistics from the Small Enterprise and Market Service (SEMAS), the district’s average daily floating population stood at 115,441 in August, a level close to the pre-pandemic figure marked in December 2019, and about 1.4 times higher than last year.
After the COVID-19 polymerase chain reaction (PCR) testing requirement for inbound travelers was abolished, the number of foreign tourists visiting South Korea reached 337,638 in September, a 3.8-fold increase compared to a year before.
Accommodation revenues are also on the rise.
According to the SEMAS, the average monthly revenue of the hotels and condos within the district stood at 22.8 million won in August, up 84.3 percent from a month earlier, with 439 businesses reporting revenues, up 81.4 percent from the previous month.
Ashley Song (ashley@koreabizwire.com)
