"Fireworks Viewing at Hangang View Hotel for 3 Million Won" ... Even Private Homes Are Rented Out, Chaos Ensues

Seoul City to Crack Down on Hotel Price Gouging During Fireworks Festival
Yeouido High-Rise View Room Rates Triple the Usual
Used Goods Trading Sites Also Show Han River View Home Rentals

[Photo by Pixabay]

With the Seoul International Fireworks Festival set to take place around Yeouido Hangang Park on the 5th of next month, the Seoul city government is cracking down as hotel accommodation prices at nearby so-called 'prime spots' have skyrocketed.

On the 30th, Seoul announced plans to inspect hotels around the festival venue in Yeongdeungpo-gu, Mapo-gu, and Yongsan-gu for illegal business practices such as failure to post accommodation prices, and to impose administrative sanctions according to relevant laws if violations are found.

The Seoul International Fireworks Festival, organized by Hanwha Group as a social contribution project since 2000, attracts over one million visitors annually to Yeouido Hangang Park. This year, the opening ceremony will begin at 7 p.m. on October 5th, followed by fireworks shows by teams from Japan and the United States between Mapo Bridge and Hangang Railway Bridge.

Searching accommodation prices on a hotel website in Yeouido for the festival day revealed that a suite room with a Hangang view was priced at 3.04 million KRW, nearly three times higher than usual. Other rooms were also priced two to three times higher than typical weekend rates. Despite this, most high-floor rooms in nearby hotels are fully booked.

Photo by Asia Economy DB

On online secondhand trading sites, posts offering hotel accommodation transfers, accommodation package sales, or rentals of 'Hangang view apartments' with views of the fireworks for tens of thousands of KRW are appearing one after another. Prices for two-person meal packages at restaurants with good views have also increased by more than 200,000 KRW.

Seoul plans to focus on whether hotels comply with the obligation to post accommodation prices during this inspection. According to the Public Health Control Act, accommodation operators must post accommodation price lists at the reception desk and adhere to the posted prices. Violations can result in imprisonment for up to six months or fines up to 5 million KRW. The city also plans to provide administrative guidance to prevent unfair cancellation or refund refusals related to the festival.