Gangnam District

Administration

Gangnam is one of three gu that make up the Greater Gangnam Area along with neighboring Seocho District and Songpa District. Combined, these three gu cover approximately 120 km² (46 sq mi) of land and had a population of 1,567,881 as of 2010, making up 20% of the area and 15% of the population of Seoul.

The Gangnam District office has designated two smoke-free zones within the district. The section of Gangnam Boulevard between exit No.2 of Gangnam Station of Seoul Subway Line 2 and exit No.5 of Sinnonhyeon Station of Line 9. The second being the 836-meter (914-yard) section of sidewalk along Yeongdong Boulevard from exit No.5 of Samseong Station on Line 2, outside COEX Convention & Exhibition Center and ASEM Tower of the COEX complex.

Divisions

Gangnam District is composed of 26 dong (neighborhoods)

Economy

Both the Greater Gangnam Area and Gangnam itself are widely known for its heavily concentrated wealth and high standard of living, which has been compared to cities such as Beverly Hills, California. The most significant indicator is its extremely expensive real estate. Seoul as a whole is already known for its expensive house prices and as of 2011, its average apartment costs approximately US$5,500 per m², but the average price in Gangnam is almost twice as high, roughly US$10,000 per m², which is 3.5 times the nationwide average. As for land value, the mere 40 km² land of Gangnam district rivals with the entire land value of the city of Busan, the second largest city in South Korea. Combined with the neighboring districts of Seocho and Songpa, Greater Gangnam Area accounts for almost 10% of land value of the entire country.

While Seoul's traditional business centers such as Central District, Jongno District, Yongsan District and Yeongdeungpo District still maintain their leading roles, Gangnam and its neighboring districts have fast become the new core across all areas of business over the last few decades. KOSPI 200 companies based in Gangnam district include KEPCO, GS Group, Hyundai Department Store Group, HITEJinro, Hansol, Hankook Tire, GLOVIS and Korea Zinc Corporation. Besides, POSCO also operates POSCO Center in Teheran Valley, and KT&G operates Kosmo Tower. Other notable companies based in Gangnam include Dongbu Fire Insurance, Young Poong Group, T'way Airlines and Hankook P&G. Gangnam is also home to many IT and other internet-related companies including NC Soft and Pandora TV, and is also one of strong hubs of the country's financial and banking sectors. Many international companies also operate key offices in Gangnam, including Google, IBM, Toyota, and AMI.

Since January 2012, the area is also home to FNC Entertainment, who moved into their own company offices in Cheongdam-dong, separate from their parent company in the CJ E&M Music Performance Division Building in neighbouring Apgujeong-dong. As well as other entertainment companies such as SM Entertainment, JYP Entertainment, Cube Entertainment, Pledis Entertainment, LOEN Entertainment, DSP Media, MBK Entertainment, Nega Network, C-JeS Entertainment, WM Entertainment, NH Media, J. Tune Entertainment, TOP Media, Happy Face Entertainment, Dream Tea Entertainment, Polaris Entertainment, Jellyfish Entertainment, DR Music and Stardom Entertainment.

Economic development

Until the early 1980s Gangnam and its neighboring areas had remained the least developed in Seoul, but a prodigious development over the last 30 years has earned it a reputation of being one of the most affluent, dynamic, and influential areas in both Seoul and South Korea as a whole.

In addition, the COEX Convention & Exhibition Center in Gangnam recently hosted several international conferences such as the 2010 G-20 summit and the 2012 Nuclear Security Summit.

Education

South Korea is known for its high standard of education and intense competition for university entrance, and Gangnam is considered the national capital of education, which is one of the decisive factors to make Gangnam the most attractive destination in South Korea. In 2010, roughly 6% of the successful candidates to Seoul National University, which is considered the best university in South Korea, were from Gangnam district, while Gangnam's population makes up only 1% of the country's population. In 2008, 22.7 out of 1,000 students in Gangnam district went abroad to study, while the nation's average ratio in the same time frame was only 3.6 per 1,000 students. Following the substantial raising of the profile of the Gangnam district internationally, the area has become a popular destination for international students seeking Korean language lessons, marking the rise of Korea as a 'study tourism' destination. Both long-standing locally owned schools such as the Seoul Korean Academy, and more recent foreign-owned entities such as Lexis Korea report a significant increase in interest in the location.

International schools:

Former schools

Attractions

The important business district around Teheranno (Tehran Street) runs east-west from Gangnam Station to Samseong Station and the COEX Convention & Exhibition Center-Korean World Trade Center complex. Several popular shopping and entertainment areas are located in Gangnam District, including Apgujeong, the COEX Mall and the area around Gangnam Station and Garosugil.

Cheongdam-dong is notable as an upmarket shopping area, with stores of global and local luxury brands, such as MCM Haus flagship store; Vera Wang's third global and first Asian flagship store 'Vera Wang Bridal Korea'; as well as French jeweler Cartier's Cartier Maison, located on Apgujeong-ro, which is the largest in Korea and at the time of opening, in 2008, the seventh largest in the world.

The area has a large concentration of vegetarian and other upscale restaurants that serve Korean cuisine with a modern twist, namely on the main street from Bongeun Temple to Park Hyatt Hotel in Samseong-dong.

Transportation

Gangnam District is served by Seoul Subway Line 2, Seoul Subway Line 3, Seoul Subway Line 7, Seoul Subway Line 9, Bundang Line and the Shinbundang Line.

Festivals

There are several festivals held in Gangnam District.

Following the anti-American protests in Seoul in the early 2000s, the local authorities in the Gangnam District have organized various cultural and sporting events, such as the International Peace Marathon, jointly with the United States Forces Korea. In 2009 they were awarded a 'special prize' by the US Army for promoting cultural exchanges with American troops.

Popular culture