Friday, February 20, 2015

The Rising Costs of a Hot Seoul Area: Haebangchon

Holy Cow has haebangchon changed. I lived here for about 6 years and it is soooo different now. It used to just have dive bars and some small eateries but now it has much more. Had a talk with one of the owners of Phillies and he gave me a run down. To take over a place, payments are around 200,000,000 won. This is in addition to building deposit. 
Rents are around 3-4 million won a month. Yikes. To start, a basic restaurant here it looks like you would need about 350 million won (314,000 usd). I should have bought a place around here back in the day. I think I could have started a bar here about 6 years ago for about 50 million won (45,000 usd) with a rent of about 1,000,000 won (900 usd). I kinda thought this area was going to pop back then but my life went in another direction. Oh, well. 

 #haebangchon #cafe #seouleats #picstitch