Surge in Ultra-High Rent Transactions as Young High-Income Earners Increase

As the number of young high-income earners increases, contracts for "ultra-high-priced monthly rents" exceeding 20 million KRW are also being made.

According to the Ministry of Land, Infrastructure and Transport's actual transaction disclosure system, from January to June this year, there were a total of 147 apartments in Seoul rented for more than 5 million KRW per month. In particular, 19 ultra-high-priced monthly rent listings exceeding 10 million KRW were traded, drawing attention.

In fact, in April, a 198㎡ unit at "Acro Seoul Forest" located in Seongsu-dong, Seongdong-gu, Seoul, was leased with a deposit of 500 million KRW and a monthly rent of 22.5 million KRW. This is the highest monthly rent amount across all areas of Seoul in the first half of this year.

Ultra-high-priced monthly rent transactions were even more frequent in Gangnam-gu, where high-end housing is concentrated. Among apartments traded in Gangnam-gu in the first half of this year, 55 transactions involved monthly rents over 5 million KRW, accounting for 37% of the total high-priced monthly rent transactions (147) in Seoul.

The situation is similar for officetels. Last year, a 206㎡ unit at "Lotte World Tower and Lotte World Mall" in Songpa-gu, Seoul, was leased with a deposit of 600 million KRW and a monthly rent of 13.09 million KRW. Notably, a small officetel of 45㎡ called "The Rivers Cheongdam" was also reported with a deposit of 50 million KRW and a monthly rent of 3.67 million KRW, attracting attention.

An industry insider said, "As the number of young high-income earners such as startup CEOs, YouTubers, and celebrities increases recently, high-priced monthly rent listings in the housing market are also increasing," adding, "With more people willing to spend on high-end residential products in prime locations, ultra-high-priced monthly rent products targeting them are expected to continue."

As the ultra-high-priced monthly rent market grows, investors' interest is focusing on high-end officetels in the Gangnam area that can accommodate these tenants.

Officetels offer better investment conditions compared to Gangnam apartments, which are tightly regulated by 종 (jong) restrictions, and if there are fewer than 100 units, there are no resale restrictions. Additionally, concierge services reminiscent of luxury hotels and high-end design features are sufficiently attractive to draw high-priced monthly rent demand.

"Asty Nonhyeon," being developed in Ilwon, Gangnam-gu, Seoul, with 2 basement floors and 20 above-ground floors, is emerging as an officetel that combines a high-end location and high-end design, receiving great responses from both investors and actual users.

This complex is the first project to apply the high-end officetel brand ASTY, focusing on maximizing aesthetic value.

The exterior applies a grid repetition composition reminiscent of Mondrian's abstract paintings. Through this, it aims to create a simple yet three-dimensional, calm yet overwhelming facade. The lobby located at the main entrance will be designed as a lounge with a gallery. The spiral staircase connecting two floors in the lobby will serve as the main circulation path of the lounge, functioning architecturally while also becoming an object showcasing dramatic curved aesthetics.

The interior boasts an extraordinary spatial experience. Compared to typical officetels, it features a higher ceiling height that offers a penthouse-level openness, and includes rotating walls and modern sliding doors that aesthetically separate spaces while allowing free movement.

Moreover, premium European high-end living brands are applied throughout the residence, including the Italian premium kitchen brand "Modulnova," Italian high-end living brand "Rimadesio," "Fantini" faucets, "The Edit" lighting, and "Tarkett" flooring, allowing residents to experience aesthetic value anywhere inside the home.

Private community spaces are also being created.

On the top floor, an exotic atmosphere party pool transcending the physical limits of the "Gangnam" location will be established. Asty's kitchen, equipped with a La Cornue oven, will serve as a space for home parties or business gatherings, and will also be used as a wine cellar for residents and a screening room for movies or video games.

Asty gym, where personal lessons such as yoga, Pilates, and spinning are available, along with a dry sauna, massage room, and spa with private bathtubs, is expected to become a popular space for relieving daily fatigue.

"Asty Nonhyeon," which is expected to receive strong responses from young high-income earners, is currently operating a gallery. The "Asty Gallery" is operated on a 100% reservation basis to prevent the spread of COVID-19. All visitors can enter only through prior reservation, and thorough quarantine systems are in place to ensure visitor safety.