[Book Sip] Why Are Gangnam Apartments So Expensive?... The Reason Is "Small Buildings"

Editor's NoteSome sentences encapsulate the entire content of a book, while others instantly resonate with readers and create a point of connection with the book. Here, we introduce such meaningful sentences selected from the book.

The fame of Gangnam is not solely due to its expensive real estate. In addition to its fervent passion for education, it often becomes a hotbed of social issues such as the demolition of shantytowns. The author shares intriguing stories based on personal experiences living in various parts of the three Gangnam districts, as well as firsthand explorations. The book delves into how Gangnam, once plagued by reckless development, achieved economic success; how the Gangnam lifestyle has influenced modern Koreans; and how the desire to live in Gangnam differs from the desire to buy property there.

To begin with the conclusion, Gangnam is an incredibly dynamic space. This is precisely what fascinates people, and it is these captivated individuals who have shaped Gangnam. In fact, the initial trigger for Gangnam's development was pulled by the government and the Seoul Metropolitan Government, but people flocked to Gangnam beyond their expectations?and even after their interest waned. In that process, some people were pushed out, while others succeeded in settling down. The same thing is still happening today. - p.17 <Prologue>

There is another, lesser-known background to the Third Hangang Bridge. At the time, frequent capsizing accidents involving ferries connecting the north and south of the Han River resulted in dozens of deaths. (...) In particular, the accident on September 7, 1962, became the direct catalyst for the construction of the Third Hangang Bridge. (...) The newspapers of that time published photos of the faces of the deceased, including Kim Bokgeun, who lived in poverty all his life and met a tragic end. Through this tragic accident, the hard lives and faces of some residents of the three Gangnam districts?never mentioned in the legend of Maljukgeori?were coincidentally documented. - p.51~53 <Chapter 1: Where Did All the Farmers Go?>

The rural villages of Gangnam also gave rise to unexpected cultural phenomena. In Jamwon-dong, Seocho-gu, there remains an old village called 'Naru Village.' (...) It was here that Baek Jongwon, CEO of The Born Korea, created the restaurant chain 'Hanshin Pocha,' which became famous. (...) Starting in the late 1970s, a construction company called Hanshin Construction began building large apartment complexes in Banpo-dong and Jamwon-dong, Seocho-gu, around Naru Village. By the 1980s, street food stalls gathered around these apartment complexes. People exhausted from partying all night at entertainment venues in nearby Sinsa-dong, Gangnam-gu, would often visit these food stall clusters, and naturally, they began to call them 'Hanshin Pocha' after the names of the nearby apartment complexes. - p.89~92 <Chapter 1: Where Did All the Farmers Go?>

The 35-story height limit for residential buildings, which was enforced during the tenure of Seoul Mayor Park Wonsoon, was lifted during the second term of Seoul Mayor Oh Sehoon. As a result, the height of reconstructed apartment complexes in Yeouido and Gangnam has been increasing. Recently, it was reported that the Ministry of National Defense has demanded that five reconstruction associations install anti-aircraft positions. (...) Apgujeong-dong in Gangnam-gu, being the northernmost area among the three Gangnam districts, is highly likely to have such positions installed. (...) Without understanding that the background of the Maljukgeori legend is rooted in a sense of security anxiety, how can one properly grasp the past, present, and future of Gangnam? - p.119~121 <Chapter 2: Breaking Ground>

Alongside controversies over real estate speculation by the ruling elite, there were also reports that dozens of professional speculators, who drove 'Grandeur' cars or owned nearly 20,000 pyeong of land in the provinces, disguised their status as so-called 'fake poor' to enter Kkotmaeul. In fact, whenever a shantytown is developed, speculators pretending to be the poor always cause trouble, and Kkotmaeul was one of the first such areas. - p.170 <Chapter 2: Breaking Ground>

The geographical vulnerability of Gangnam to heavy rain remains unchanged, as does the complacent attitude of people toward this issue. (...) If the underground space beneath Yeongdong-daero, where bus stops will be added to the GTX-A·C stations, is flooded like Gangnam Station on Line 2 or Isu Station on Lines 4·7 on August 8, 2022, the damage will be far greater. (...) Despite these circumstances, a pledge to underground Olympic-daero was made during the 22nd general election in 2024. However, if Olympic-daero is carelessly put underground, the southern part of Seoul, south of the Han River, will suffer enormous damage when torrential rains hit. - p.231~234 <Chapter 3: Changing the Flow of the Han River>

Contrary to common belief, a significant portion of the three Gangnam districts is not made up of apartment complexes, but rather of detached houses, villas, and small buildings. (...) I believe one reason apartment complexes in the three Gangnam districts are so expensive is that there are not enough of them. Korea's middle-class citizens want to live in the three Gangnam districts and, if possible, in newly built apartment complexes. Because the supply of that type of housing is insufficient, prices rise. - p.268 <Chapter 4: From Matchboxes to Objects of Envy>

When the government designated apartment zones in the Gangnam area in 1975, its stated goal was to 'normalize the excessively high land prices in the Gangnam development area.' However, the apartment complexes built as a result have become the most expensive in Korea today. Therefore, the apartment zone policy ultimately failed to achieve its goal. - p.288 <Chapter 4: From Matchboxes to Objects of Envy>

People often raise their voices about 'Seobanpo·Dongjamsil' or 'Ma·Yong·Seong,' but a city should not be judged solely by apartment prices. It should be evaluated based on how well it performs its various functions, including residential ones. The hardware of affinity with the three Gangnam districts and the software of the semiconductor industry?these two combined make up the expanded Gangnam. - p.382~383 <Chapter 6: A Macroscopic View>

Originally, transportation network construction plans often change significantly, and even when plans are established, completion is frequently delayed. (...) Therefore, I urge you to take a conservative approach and critically assess claims made by the government, local authorities, and civil engineering companies regarding transportation networks. (...) I've met more than a few people who, believing that GTX-A would be fully operational at Samseong Station in 2025, bought homes only to regret it?just like with the Wirye-Sinsa Line, which hasn't even broken ground. - p.415~418 <Chapter 7: A Microscopic View>

Urban philologist Kim Sidoek's Gangnam | Written by Kim Sidoek | Influential | 464 pages | 24,000 won