13 Million Won a Night? Hotel Prices Soar Ahead of Yeouido Fireworks Festival

Suite Rooms Reach 13 Million Won, River View Rooms Triple in Price
Reselling Emerges... Premium Transactions Active on Secondhand Sites

As the Seoul International Fireworks Festival approaches, hotel room rates near Yeouido are experiencing significant fluctuations. The most expensive room rates have exceeded 13 million won, and some rooms are even being sold at a premium on the secondhand market.

The scene of the Seoul International Fireworks Festival. Photo by Asia Economy Database

The 'Seoul International Fireworks Festival with Hanwha,' set to take place on September 27 at Yeouido Hangang Park in Seoul, is one of the country's leading outdoor events, attracting over 1 million visitors every year. Areas near Wonhyo Bridge, Mapo Bridge, and Hangang Railway Bridge, which offer optimal views of the fireworks, are considered prime spots, with crowds gathering as early as the day before to secure a place.

Accommodation Costs Surge Up to Three Times the Usual Rate

Major hotels in Yeouido are already sold out. A suite with a Han River view at one hotel has surpassed 13 million won, including taxes and fees. Considering that the same type of room was 7.58 million won on the weekend a week before the festival, this represents a 1.8-fold increase. At another hotel, a river view room is priced at 3 million won on the day of the festival, three times higher than the 1 million won range just a week prior.

Even rooms of a lower grade than suites are no exception. A Han River view room that cost 990,000 won per night on September 20 has jumped to 2.36 million won on the day of the festival, a 2.4-fold increase, while another room that was 1.42 million won has risen to 3.82 million won. Another hotel in the Yeouido area set prices more than 30% higher than usual, but is already nearly sold out.

'Fireworks Competition' Spreads to Packages and Secondhand Market

Nearby hotels are rushing to offer customized packages for the fireworks festival. Some hotels have launched special deals under names like 'Festival Package,' while another hotel has introduced its largest-ever food and room package to attract customers. Hotels have implemented measures such as limiting the number of reservations per person to prevent reselling, but despite these efforts, rooms with fireworks views are already being traded at a premium on secondhand websites.

Last year, some hotel suite prices soared from the 3 million won range a week before the festival to over 11 million won the day before. This year, with about ten days left until the festival, prices have already been set more than 2 million won higher than last year.

The hotel industry claims this is an unavoidable phenomenon due to soaring demand. An industry official stated, "Accommodation rates can fluctuate significantly depending on the season or special events," adding, "The price increase during the fireworks festival should also be seen as a natural occurrence."