Myeong-dong's land price is about 10 million won per square meter.First place is Milan.

Among the major cities in the world, Myeong-dong, Seoul, has the ninth most expensive rent.

According to Cushman & Wakefield Korea, a global commercial real estate service company, Myeong-dong's average annual rent is about 10.32 million won per square meter, up 3% from last year.

The first place was the "Via Montenapoleone" business district in Milan, Italy, which was about 37.7 million won, up 11% from last year, beating the previous first place, "Upper Fifth Avenue" in New York.

The rent for the second place, New York's Upper Fifth Avenue, was about 30 million won, the same as last year.

Third place is "New Bond Street" in London, England, followed by "Chim Sha Tsui" in Hong Kong, "Paris Champs-Elysees" in France, and "Tokyo Ginza" in Japan.