G-Dragon and Kim Soo-hyun Live in Galleria Foret... A Person in Their 20s Bought It for 10.8 Billion Won in Full Cash

Increase in 'Young Rich' Leads to More Ultra-Luxury Home Purchases Among 2030 Generation

It was recently reported that a person in their 20s purchased Galleria Foret, one of the representative luxury residences in Seongsu-dong, entirely with cash.

According to a media report on the 2nd, the transaction took place in June and the registration has now been completed. The exclusive area of 241.93㎡ (40th floor) was sold for 10.8 billion KRW, and since no separate mortgage was established, it appears that the full amount was paid in cash. This contract was the highest price within the complex at the time and the twelfth most expensive apartment transaction in Seoul this year.

▲ Exterior view of Galleria Foret located in Seongsu-dong

Galleria Foret was a hot topic at the time of its sale in 2008, with the highest sale price reaching 45.35 million KRW per pyeong. Built by Hanwha Construction to replicate the luxury of Galleria Department Store, it was completed in July 2011 and is considered a top-tier residential space. Along with Acro Seoul Forest and Trimage, it is regarded as one of the "Seoul Forest Big Three." It is adjacent to Seongsu-dong Seoul Forest, offers views of the Han River, and has convenient access to Gangnam via Dongho Bridge and Seongsu Bridge. As a luxury residential complex composed entirely of large units, many business executives and famous celebrities have purchased apartments here.

Actor Kim Soo-hyun reportedly purchased a penthouse with an exclusive area of 218㎡ (90 pyeong) for 8.8 billion KRW in January, owning a total of three apartments within the same complex. It is also known that Han Ye-seul and Insooni reside here, and singer G-Dragon lived here before moving to Nine One Hannam in Hannam-dong.

Recently, there has been a surge in purchases of ultra-high-end luxury homes in Seoul by young wealthy individuals. In January, a 233㎡ (7th floor) unit in Hannam The Hill, Yongsan-gu, was purchased entirely in cash by a person in their 20s born in 1998 for 9.45 billion KRW.

In February, a 196㎡ unit in Hyundai Apartment, Apgujeong-dong, Gangnam-gu, Seoul, was purchased for 8 billion KRW by a buyer in their early 30s born in 1992. The buyer borrowed about 1 billion KRW from a bank and paid nearly 7 billion KRW in cash.

The buyer of Nine One Hannam in Hannam-dong, owned by the couple Jang Yoon-jung and Do Kyung-wan, was also revealed to be born in 1989, attracting attention. The unit with an exclusive area of 244㎡ was traded for 12 billion KRW, fully paid in cash as well.

There is also analysis that the number of high-priced home purchases by the MZ generation "young rich" with abundant financial resources, such as startup CEOs, YouTubers, and cryptocurrency millionaires, is increasing.