The 2023 Seoul International Fireworks Festival (Image courtesy of Yonhap)
SEOUL, Oct. 1 (Korea Bizwire) – As Seoul prepares for its annual International Fireworks Festival, a spectacle that typically draws hundreds of thousands of spectators, a frenzy for prime viewing spots is driving up prices across the city.
Hotels and restaurants with coveted views of the Han River are seeing their rates soar, prompting local authorities to take action against potential price gouging.
On September 30, the Seoul Metropolitan Government announced plans to conduct joint inspections with local district offices to check for illegal business practices, particularly among hotels along the Han River in Yeongdeungpo, Mapo, and Yongsan districts.
This move comes as some hotels have nearly doubled their room rates for the event.
Hotels near Yeouido, known for offering the best vantage points for the festival, are already fully booked for October 5, the day of the event.
One hotel in the area is charging over 3 million won for a Han River view suite for a single night. Other hotels have increased their weekend rates by 50% to 100% compared to regular prices.
Restaurants are also capitalizing on the event. A high-rise eatery near the festival site has raised its dinner package price for two from 750,000 won to 990,000 won, an increase of 240,000 won for the day of the event.
The price hike has led some individuals to resell hotel bookings, dinner packages, and restaurant reservations with river views on second-hand trading platforms, further driving up costs.
In response, city authorities will focus their inspections on ensuring hotels properly display and adhere to their posted room rates.
According to public health regulations, accommodations must display their rates at reception and comply with these posted prices. Violations can result in up to six months in prison or fines of up to 5 million won.
The city government has stated it will take administrative action against any illegal practices discovered during the inspections. Officials also plan to provide guidance to prevent unfair cancellation or refund denials related to fireworks views.
The 2024 Seoul International Fireworks Festival, sponsored by Hanwha, is scheduled for October 5 in the Han River Park area.
The event will commence with an opening ceremony at 7 p.m., followed by spectacular fireworks displays by teams from Japan and the United States, stretching from Mapo Bridge to the Hangang Railway Bridge.
M. H. Lee (mhlee@koreabizwire.com)
