According to the Chosun Ilbo, the heads of major Korean corporations and their relatives have been purchasing Korean traditional homes, or hanok, in the Bukchon neighborhood, driving up real estate prices. One long-time resident told the paper if you don’t have 1 billion won, you can’t buy a home here. As many of the corporate types moving in are buying hanok as second homes, the neighborhood’s atmosphere is changing since a lot of the homes are empty much of the time.
The rise in real estate prices has also driven up rents for local craftsmen who run workshops in the neighborhood.
Note about photo: Taken on my lunch hour Wednesday from the small elevated parking lot atop 31 Gahoe-dong.