Asia -  Seoul, South Korea

Seoul, the capital city and economic hub of South Korea, has been one of the more popular holiday destinations in the region. In the recent years, Chinese inbound visitors have benefited Korea tremendously. Weathering through the MERS outbreak in 2015, the Seoul tourism recovered quickly only to have to battle another major setback catalyzed by the political tensions with China in 2017. In the same year, South Korea suffered noticeable downturn in visitor arrivals and hotel performance across the board. Lower ADR and occupancy levels triggered a double-digit decline in RevPAR of approximately 13%. As a result, hotel values in 2017 reflected a similar drop. Despite the present instability, Seoul is expected to slowly reclaim the lost ground in a few years’ time. Tourism campaigns from the Seoul Metropolitan Government and major conglomerates look to promote and stimulate both international and domestic travels to Seoul. As demand regains and supply increases, economic and tourism growth is expected to maintain a reasonable, positive growth in the foreseeable future. 

Change In Value For Market:

Legend
Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: Less than -10%

Seoul RevPAR Change

Seoul RevPAR

Year RevPAR
2015 106.55
2016 100.45
2017 90.07
2018 (f) 85.73
2019 (f) 86.30
2020 (f) 89.98

For more information, please contact:

Daniel Voellm, MRICS
[email protected]
  • +852 3628-3871 (w)
Larissa Lam
[email protected]
  • +852 3628-3870 (w)