Both the Greater Gangnam Area and Gangnam itself are widely known for its heavily concentrated wealth and very 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 known for its expensive housing prices—as of 2011, its average apartment cost 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, the Greater Gangnam Area accounts for almost 10% of the land value of the entire country.