'7.4 Billion Won All Cash' Banpo Xi Highest Price Buyer, Guess Who It Was

Uzbek National in His 40s Residing in Tashkent
244㎡ Exclusive Area, 300 Million KRW Higher Than Previous Transaction

An Uzbek national has been confirmed as the buyer of the largest unit in 'Banpo Xi,' a representative apartment complex in Banpo-dong, Seocho-gu, Seoul, at the highest price of 7.4 billion KRW.

According to a report by Herald Economy on the 8th, in November last year, a 244㎡ (26th floor) unit in 'Banpo Xi' located in Banpo-dong, Seocho-gu, was traded at 7.4 billion KRW, the highest price for the same size. The owner of the unit is Mr. A, a man in his 40s from Uzbekistan, whose current address on the registry is listed as Tashkent, the capital of Uzbekistan.

The amount Mr. A paid is 300 million KRW higher than the previous transaction price of 7.1 billion KRW for the same area. It is known that Mr. A completed the ownership transfer registration on the 28th of last month. Since there is no separate mortgage registered on the unit, it is estimated that Mr. A purchased the apartment entirely in cash.

Panoramic view of Daejang Apartment Banpo Xi, Banpo-dong, Seocho-gu, Seoul

Banpo Xi, which began occupancy in 2009, is a large complex with a total of 3,410 households and is considered the flagship apartment in Banpo-dong, Seocho-gu. It is known that comedian couple Park Jun-hyung and Kim Ji-hye, as well as actress Yeom Jeong-ah, reside in this apartment complex.

Meanwhile, the number of houses owned by foreigners in Korea has been increasing every year, reaching nearly 100,000 units as of the first half of last year. According to the Ministry of Land, Infrastructure and Transport's 'Key Status of Foreigners' Housing Ownership Statistics' as of the end of June last year, the number of houses owned by foreigners in Korea was counted at 95,058 units. This accounts for about 0.49% of the total housing stock (19.55 million units) last year.

The majority of foreign-owned houses are located in the Seoul metropolitan area, with Chinese nationals accounting for more than half of the owners. Houses in which foreigners hold even a partial share are classified as foreign-owned houses. Most foreign-owned houses are multi-family residences (86,695 units), mainly apartments (57,467 units) and row houses/multi-unit houses (29,228 units). Detached houses, including multi-family houses, accounted for only 8,363 units.

About 72.8% (69,247 units) of foreign-owned houses are located in the Seoul metropolitan area. By metropolitan local government, Gyeonggi Province had the highest number with 36,755 units, followed by Seoul (23,085 units), Incheon (9,407 units), Chungnam (5,741 units), and Busan (3,007 units).

By nationality of owners, houses owned by Chinese nationals numbered 52,798 units, accounting for more than half at 55%. They were followed by Americans (21,360 units), Canadians (6,225 units), Taiwanese (3,307 units), and Australians (1,894 units).