Born in 1985 buys cash for 11 billion KRW... Nine One Hannam highest price

Tenant Living in a 7.5 Billion Won Jeonse Buys a House
Young Wealthy Investors Show Demand Due to Scarcity

A buyer in their 30s purchased Nine One Hannam in Hannam-dong, Yongsan-gu, Seoul for 11 billion KRW. It is estimated that the purchase was made entirely in cash. Due to its rarity and high investment value, demand for ultra-luxury homes continues, with notable cases of young wealthy buyers emerging.

According to the registry on the 15th, on the 31st of last month, a unit of Nine One Hannam with an exclusive area of 206㎡ changed hands for 11 billion KRW. It was jointly purchased by Mr. A and Mr. B, both born in 1985, and since no separate mortgage was registered, it is presumed to have been bought entirely with cash. The ownership transfer registration was completed on the 9th of this month.

Nine One Hannam. [Photo by Yonhap News]

Buyer Mr. A has been residing in the property since June 2022 with a deposit of 7.5 billion KRW, and it appears that he purchased the home he had been living in under a lease as the two-year contract expired.

This transaction set a new record for the highest price of a 206㎡ unit at Nine One Hannam, surpassing the previous high of 10.3 billion KRW recorded in April. The price increased by 700 million KRW in just three months.

The previous owner of this property purchased Nine One Hannam in March 2021 for 4.3 billion KRW, realizing a capital gain of 6.7 billion KRW in about three years.

Earlier, in April, singer Jang Yoon-jeong and broadcaster Do Kyung-wan sold a 244㎡ unit at Nine One Hannam for 12 billion KRW, making a capital gain of 7 billion KRW in just over three years. The couple had jointly purchased the property for 5 billion KRW in 2021 and had been residing there.

Recently, cases of ultra-luxury home purchases by young wealthy individuals in their 30s have been prominent. In February, a 196㎡ unit in Hyundai Apartment, Apgujeong-dong, Gangnam-gu, was purchased for 8 billion KRW by a buyer born in 1992.

This year, there have been a total of 13 ultra-luxury apartment transactions in Seoul exceeding 10 billion KRW, with nearly half (6 cases) located in Hannam-dong.

A 273㎡ unit at Nine One Hannam was directly traded for 22 billion KRW on the 22nd of last month, marking the highest apartment transaction price this year. A 240㎡ unit at Hannam The Hill was traded for 12 billion KRW in April. Additionally, a 198㎡ unit at Acro Seoul Forest in Seongsu-dong, Seongdong-gu, was sold for 14.5 billion KRW on the 4th of last month, with transactions exceeding 10 billion KRW also occurring in areas such as Seongsu, Apgujeong, and Cheongdam.