Affluent. Glittery. Famous.
These are the words that appropriately describe the residents and the district itself. Exorbitantly-priced properties line up South Korea’s “Beverly Hills.” Audi, Maserati, Tesla, Benz, Rolls Royce, and more flashy luxury cars with varying colors ply its busy streets and parking areas.
Welcome to Gangnam, where glitz and glamor, fame and fortune abound!
When Psy’s humongous single “Gangnam Style” hit the airwaves in 2012, it also put the ritzy neighborhood on the map. Home to global companies such as Google, Toyota, Samsung, and IBM, Gangnam’s reputation can be attributed to its ultra-expensive residential areas. A Business Insider article claimed that the deposit for home rentals would cost an average Korean worker 10 years’ worth of salary. Real-estate properties are three and a half times more expensive than South Korea’s typical rate.
The posh Cheongdam and Apgujeong areas are Gangnam’s pride when it comes to housing luxury brands, aesthetic surgery clinics, high-class properties, active nightlife, and celebrity homes. Owning a property, and living there are status symbols for many Koreans.
There are an estimated more than 500 plastic surgery clinics in the district alone, with almost a million procedures conducted in a year.
Who’s Who in Gangnam
Many Korean drama stars and K-pop idols are living in Gangnam, owing to the locations of their artist centers and talent management offices.
It’s been widely known that Kim Tae Hee owns a building worth US$11.1 million in Gangnam. Her husband, Rain, owns a whopping US$21.4 million shopping center in Cheongdam.
Actress and model Jun Ji Hyun acquired a building at Samsung in Gangnam in 2017 for US$8.5 million, aside from the 20 billion won’s worth of other properties also in Gangnam and Yongsan, making her one of the wealthiest owners of real estate properties in South Korea.
BigBang’s Daesung purchased a building located near Apgujeong Rodeo Station. A Starbucks shop is renting on the first floor.
K-pop icon, G-Dragon, invested in a building in Cheongdam for US$7.86 million in 2017.
Bae Suzy owns a building valued at US$3 million in 2016 and yields US$13,400 each month in rentals.
Where is Gangnam?
The lively district is located in the heart of Seoul, the capital city, and is south of the landmark Han River connecting to downtown. Hence its name. Gangnam means “South of the River.” Bursting with life, especially at night, Gangnam people are said to be trendy, hip, and classy.
According to Psy, “People who are actually from Gangnam never proclaim that they are—it's only the posers and wannabes that put on these airs and say that they are ‘Gangnam Style’—so this song is actually poking fun at those kinds of people who are trying very hard to be something that they're not."
Well, it’s like keeping up with the Joneses or the Kardashians. But if you’re in South Korea, it’s keeping up with the Gangnam hipsters.
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