Busan Accommodations Hit 'Shocking' Rates of Up to 1.1 Million Won per Night — What's Happening?

A fierce battle for hotel rooms is reportedly underway in Busan right after the Chuseok holiday.

This is because a series of major events are scheduled to be held in the city.

Let's take a closer look at the details together with the article.

First, the Busan International Film Festival opens on October 6.

And on November 7, there is even the Busan Fireworks Festival.

With such major events following one after another, lodging prices around the venues are rising, according to the report.

Let's first examine the average price of hotels in Busan.

This month, it is 109,000 won per night.

However, in October, it rises to 157,000 won, which is an increase of about 44 percent.

In particular, hotel prices around Haeundae are soaring significantly on October 10, the first weekend of the opening of the Busan International Film Festival.

The surge in accommodation rates in Gwangalli ahead of the Fireworks Festival is also quite substantial.

At a hotel in front of Gwangalli Beach, the accommodation rate for the last weekend of October is 280,000 won per night.

However, on November 7, when the Fireworks Festival is held, a package including breakfast and wine costs 800,000 won.

That is nearly three times as much.

It is also reported that high-rise rooms have jumped to as high as 1.1 million won.

Ahead of the events, the Busan city government plans to send official notice letters urging lodging establishments to refrain from overcharging and to launch intensive inspections.

At the same birlikte, it is also being pointed out that there is no proper legal basis to penalize businesses even if lodging prices jump severalfold.

(Source of article: JoongAng Ilbo)

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