Luxury home décor market gains traction in Gangnam

사진 확대

South Korea’s home décor market is drawing attention as demand for high-end products for redevelopment and reconstruction projects in Seoul rises.

Maeil Business Newspaper recently visited the Lonchel Gallery, a luxury interior showroom by LX Hausys in Samseong-dong, southern Seoul.

With a push of a button, a 4-meter-high aluminum system windows, known as Fenest, smoothly slide open at a 90-degree angle, offering panoramic views through floor-to-ceiling glass. Despite costing twice as much as premium aluminum windows in Korea, its striking design is leading Gangnam residents to make inquiries.

“Fenest is popular among owners of standalone houses and luxury villas who prioritize open views over price,” a gallery official said.

Officials from a redevelopment apartment association in Seoul’s northern districts spent nearly two hours at Lonchel Gallery on Monday, with around 50 redevelopment and reconstruction groups visiting the showroom since its opening in July 2024.

The gallery operates strictly on a reservation basis. Unlike flagship stores open to the public, visitors must book in advance and are guided through the space by staff.

The exhibition features high-end items, including Italian imported kitchen furniture, display cabinets, and built-in storage solutions, some priced in the tens of millions of won.

Built-in storage units and kitchen islands for 84-square-meter Gangnam redevelopment apartment, for example, typically cost between 15 million won ($10,774) to 20 million won, with customization options often incurring additional costs.

The focus on high-end products for redevelopment and reconstruction stems from the declining Seoul apartment transactions and increasing uncertainty in the business-to-consumer (B2C) market. High-end products are resilient even during economic downturns, with redevelopment and reconstruction projects emphasizing differentiation from other apartments to drive demand for premium materials as well as imported brands.

Major furniture companies are also competing in the high-end showroom market.

KCC, for example, opened The Klenze Gallery, a B2B window showroom, in Seoul and expanded to Busan in May, while Hyundai Livart operates a flagship store for Valcucine in Seoul’s Nonhyeon-dong furniture district. The brand’s signature model, Artematica, costs as much as 300 million won to install in a 125-square-meter home.

By Lee Yu-jin and Lee Eun-joo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]