Chairman Lee Myung-hee's Hannam-dong Residence Officially Valued at 28.5 Billion Won... Ranked No.1 Single-Family House for 9 Years

The Most Expensive Land Is the Myeongdong Nature Republic Site

The residence of Lee Myung-hee, Chairwoman of Shinsegae Group, located in Hannam-dong, Yongsan-gu, Seoul, has ranked first in the standard detached house official land price for nine consecutive years.

The Nature Republic site in Myeong-dong, Seoul, was surveyed as the most expensive land nationwide for the 21st year.

A view of the Nature Republic site in Myeongdong, Seoul, which has been surveyed as the most expensive land nationwide for 21 years.
[Image source=Yonhap News]

According to the 2024 nationwide standard housing and standard land official land prices announced by the Ministry of Land, Infrastructure and Transport on the 20th, the official price of Chairwoman Lee Myung-hee’s residence next year is 28.57 billion KRW, up 1.9% from this year’s 28.03 billion KRW.

This detached house has a total floor area of 2,861.8㎡ and has maintained the top spot in official land prices since it was included as a standard detached house in 2016.

The second highest official price for a standard detached house is the residence of Lee Hae-wook, Chairman of DL Group, in Samseong-dong, Gangnam-gu (total floor area 2,617.4㎡), with next year’s official price set at 18.65 billion KRW, a 2.5% increase from this year.

The third place is Seungjiwon (total floor area 609.6㎡), the Samsung Group’s guesthouse owned by the Hoam Foundation of Samsung Group, located in Itaewon-dong, Yongsan-gu. Its official price for next year is 17.17 billion KRW, up 2.2% from this year.

The official price of the residence in Itaewon-dong, Yongsan-gu, owned by Seo Kyung-bae, Chairman of Amorepacific, is 16.75 billion KRW next year, rising 3.0% to rank fourth.

The top 10 official prices for detached houses next year saw no changes in ranking compared to the previous year. Among the 10 locations, seven are in Yongsan-gu, with the remaining three in Samseong-dong, Gangnam-gu (two locations), and Bangbae-dong, Seocho-gu (one location).

Among standard land sites, the Nature Republic site in Chungmuro 1-ga, Jung-gu, Seoul (169.3㎡) had the highest official land price next year at 175.4 million KRW per 1㎡, up 0.7% from this year.

The second most expensive land nationwide is the Woori Bank site (392.4㎡) located in Myeong-dong. Its official land price next year is 174 million KRW per 1㎡, an increase of 0.8% from this year.