The Most Expensive Apartment Sold in Seoul Last Year Was OOOO

Contracted for 7.75 Billion KRW in October Last Year... 7 Consecutive Years at No.1
"Preference Will Continue Due to Limited Supply of Ultra-High-End Apartments"

[Image source=Yonhap News]

[Asia Economy Reporter Onyu Lim] The most expensive apartment sold in Seoul last year was Hannam The Hill in Hannam-dong, Yongsan-gu.

According to Zigbang on the 21st, a 243㎡ (exclusive area) unit in Hannam The Hill signed a sales contract for 7.75 billion KRW in October last year. It was the highest apartment transaction price in Seoul last year.

Hannam The Hill is a complex developed by Daewoo Construction in 2011 on the former Dankook University site, consisting of 32 buildings and 600 households. To avoid the price ceiling system, it initially gathered tenants as rental apartments before converting them to sale units. This complex set the nationwide highest transaction record by selling for 6.565 billion KRW (243㎡) in 2014, followed by 7.7 billion KRW (244㎡) in 2015, 8.2 billion KRW (244㎡) in 2016, 7.8 billion KRW (244㎡) in 2017, 8.1 billion KRW (244㎡) in 2018, 8.4 billion KRW (244㎡) in 2019, and maintained the highest nationwide sale price for seven consecutive years until last year.

Since Hannam The Hill entered the market, the highest transaction prices in Seoul have also risen. Before Hannam The Hill was traded, the highest prices in Seoul were around 4 to 5 billion KRW, but after transactions began at Hannam The Hill, the highest price levels significantly increased to around 7 to 8 billion KRW.

An analysis by Zigbang of the top 100 apartment transaction prices in Seoul last year showed that they were located in four districts: Gangnam-gu (53 units, 48%), Yongsan-gu (26 units, 24%), Seocho-gu (25 units, 23%), and Seongdong-gu (6 units, 5%).

Yongsan-gu and Seongdong-gu showed high average transaction prices per deal due to the dominance of unique complexes in the Gangbuk area. In Yongsan-gu, 25 out of 26 top transactions were at Hannam The Hill, and in Seongdong-gu, 5 out of 6 top transactions were at Galleria Foret in Seongsu-dong 1-ga.

In Gangnam-gu, apartments in Apgujeong-dong were particularly strong. Shin Hyundai 11th and Hyundai 7th (buildings 73~77, 82, 85) each had 7 transactions, Hyundai 1st (buildings 12, 13, 21, 22, 31, 32, 33) had 6 transactions, and Hanyang 8th (building 81) and Hyundai 2nd (buildings 10, 11, 20, 23, 24, 25) each had 5 transactions. In Seocho-gu, Acro River Park and Raemian Firstige in Banpo-dong each had 8 transactions.

The average price per transaction among the top 100 was 5.20159 billion KRW, a slight increase of 0.2% compared to the previous year. By district, Yongsan-gu was 5.92692 billion KRW, Seongdong-gu 5.0959 billion KRW, Gangnam-gu 5.02658 billion KRW, and Seocho-gu 4.8436 billion KRW.

Ham Young-jin, head of Zigbang Big Data Lab, said, "While demand for ultra-high-end apartments continues, new supply is limited, so preferences for these properties are expected to continue. Nine One Hannam in Hannam-dong is about to convert to sale units, and with the move-in for Acro Seoul Forest in Seongsu-dong 1-ga starting in January, the supply of ultra-high-end apartments north of the Han River is expected to become more abundant."

Meanwhile, the apartment with the largest increase in highest transaction price by area compared to the previous year was Hyundai 7th (buildings 73~77, 82, 85) in Apgujeong-dong, 245㎡. It was traded for 5.2 billion KRW in May 2019 but sold for 6.7 billion KRW last year, a 1.5 billion KRW increase. Shin Banpo 7th in Jamwon-dong, Seocho-gu, 140㎡, also sold for 2.9 billion KRW, 1.47 billion KRW higher than its 2019 highest price. It had the highest growth rate at 102.8%.