Seoul World’s Most Expensive Cities

Business Week has Seoul at number 20 on their World’s Most Expensive Cities 2010 list. A huge jump from number 102 in 2009. These lists are entertaining, but hardly accurate. Check out what they report as cost of living expenses in Seoul.

FOOD: Lunch at a restaurant: $20
Can of beer from grocer: $2.21
One kg of rice: $6.07
One dozen eggs: $4.11

ENTERTAINMENT: Movie ticket: $7.50

APPLIANCES: Washing machine: $1,113

Not sure where they went, but even in high-priced Gangnam station you can get a nice Korean lunch for $5 or $6 bucks tops.  A washing machine from Emart is about half what they report and a 2nd hand one wouldn’t run much more than $180.

The 1kg for rice is a bit closer if you call 50% more than the real price close. This can be picked up for 4,800 won or around $4.

Also, some expats think apartments are outrageous and well you’re right if you are looking at those real estate sites that cater to the US gov’t and other Embassy folks or big executives coming into Korea with budgets to match. However, you can still get a decent studio apartment in the best areas (Gangnam, Sinchon, Haebongchon, etc…) for 550,000 to 750,000 won and just 5-10 million won down as key money.