Myeongdong Nature Republic Ranks First in Land Prices in Korea... Highest-Value Landowner is Lee Myung-hee, Shinsegae Chairwoman

Announcement of the '2025 Standard Land and Standard Housing Official Prices'

View of houses and apartment complexes in downtown Seoul. Photo by Yonhap News

The most expensive land nationwide is Nature Republic (Myeongdong World Branch) in Myeongdong, Jung-gu, Seoul. It has held the top spot for 22 consecutive years. Among detached houses, the highest price was for the residence of Lee Myung-hee, Chairwoman of Shinsegae, located in Hannam-dong, Yongsan-gu, Seoul (total floor area 2,852㎡).

On the 18th, the Ministry of Land, Infrastructure and Transport announced the "2025 Standard Land and Standard Housing Official Prices." These official prices serve as the basis for calculating individual land prices and individual housing prices.

Next year's official land price per square meter for the Nature Republic site is 180.5 million KRW, the highest in the country. This is a 2.9% (5.1 million KRW) increase from this year's official price of 175.4 million KRW.

The Woori Bank site in Myeongdong 2-ga ranks second in price after Nature Republic. The official land price per square meter is 179.4 million KRW. Following that, the former Uniqlo site in Chungmuro 2-ga recorded an official land price of 165.3 million KRW per square meter.

The standard detached house with the highest official price is the home of Lee Myung-hee, Chairwoman of Shinsegae, valued at 29.72 billion KRW, ranking first. This is a 4% increase compared to this year's 28.57 billion KRW. This house has held the top price for 10 years since being designated as a standard detached house in 2016.

Second place is the residence of Lee Hae-wook, Chairman of DL (formerly Daelim Group), located in Samseong-dong, Gangnam-gu (total floor area 2,617㎡), with next year's official price at 19.21 billion KRW. This is more than a 500 million KRW increase from this year's 18.65 billion KRW.

Third place is the Seungjiwon Guest House in Itaewon-dong, Yongsan-gu, owned by the Samsung Group Ho-Am Foundation (total floor area 610㎡). This year's official price is 17.17 billion KRW, rising to 17.9 billion KRW next year.

A Ministry of Land official stated, "From tomorrow until January 7 next year, the owner inspection and opinion hearing process will be conducted," adding, "Once the related procedures are completed, the prices will be reviewed by the Central Real Estate Price Publicity Committee and officially announced in the government gazette on January 24 next year."