"Choosing Seoul Over Paris and New York"... Foreign Students Drawn to 'K-Culture and Value for Money'

[Financial News] Seoul, fueled by the K-culture boom and its relatively low cost of living, is rapidly emerging as the 'new Paris' favored by university students around the world, displacing traditional study-abroad hubs such as London, Paris and New York.
On the 18th, local time, the Financial Times (FT) reported that international students' preferred cities are changing significantly as the rise of social media has lowered the barriers to studying abroad. In the past, a university's reputation and employment prospects after graduation were the decisive factors in choosing a study-abroad destination. Today, however, students are placing far greater importance on an overall quality of life, including lifestyle, living costs and the urban environment.


Seoul was highlighted as a leading destination that appeals to the adventurous spirit of students from the United States and Europe, thanks to the combination of K-pop's explosive popularity, a vibrant urban atmosphere and a wide variety of food. Fanta Aw, chief executive officer (CEO) of the Association of International Educators (NAFSA), explained, "In the past, most American students who came to Seoul were second- or third-generation Asian immigrants, but today, many American students who choose Seoul have no prior connection to Korea."
The Korean government's policy efforts to attract international students have also yielded results. The number of international students enrolled at Korean universities has surged 69% over the past three years to 307,500, reaching ahead of schedule the original target of 300,000 set for 2027 under initiatives such as the Study Korea 300K Project. Affordable housing compared with other major national capitals is another major advantage. The FT analyzed that monthly rent for a studio apartment in Seoul is about 900,000 won ($670), while a boarding house costs about 600,000 won ($445), making both excellent options for international students.


Alongside Seoul, Lisbon in Portugal and Prague in the Czech Republic are also emerging as new study-abroad hubs by offering value for money. Lisbon's mild climate, low cost of living and widespread use of English have made it increasingly attractive, with the number of Erasmus exchange students in the European Union (EU) nearly tripling over the past nine years. The average monthly rent for students in Lisbon is €530 (about 780,000 won), considerably cheaper than in Paris at €720 (about 1.06 million won) or London at €1,140 (about 1.68 million won).
Prague is also drawing international students in droves. In addition to the reputation of its historic universities, the city offers low living costs, with monthly dormitory fees of €200–300 (about 300,000–440,000 won), as well as excellent public safety and public transportation infrastructure.
The FT assessed, "Traditional global capitals are losing their appeal as study-abroad destinations because rents have risen sharply since the pandemic," adding, "The increasingly sophisticated technology behind map and translation apps is leading international students to less mainstream cities that once felt unfamiliar." 
[email protected] Park Ji-hyun Reporter