"1.1 Million Won for a Night": Busan Accommodations Surge in Price Ahead of Major Events

A fierce battle over room rates is reportedly underway in Busan right after the Chuseok holiday.

This is because a large number of major events are being held in the city.

Let us look into the details together through the article.

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

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

With such major events following one after another, accommodation rates around the event venues are rising, according to the report.

First, let us look at the average hotel prices 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 spike significantly on October 10, which is the first weekend of the Busan International Film Festival's opening.

In addition, the surge in accommodation rates in Gwangalli ahead of the Fireworks Festival is quite substantial.

For a hotel in front of Gwangalli Beach on the last weekend of October, the room rate 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 triple.

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 notices asking accommodation businesses to refrain from overcharging and to launch intensive inspections.

At the same time, points are being raised that there are no clear legal grounds to sanction these lodging rates even if they multiply several times.

(Source: JoongAng Ilbo)
※ Please note: This article was translated by AI and may contain errors.