November 21, 2024

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Nine One Hannam in Yongsan-gu, Seoul (Newsis)

The record for the most expensive apartment ever sold in South Korea was broken in June, according to government data tracking real estate transactions. The country's new most expensive apartment is a 273.94-square-meter first-floor unit at Nine One Hannam in Yongsan-gu, central Seoul, which sold for 20 billion won ($14.5 million) on June 4.

Nine One Hannam is known to be home to celebrities and business moguls, including RM and Jimin of K-pop group BTS and G-Dragon of Big Bang. Completed in 2019, this low-rise complex is comprised of 341 units.

Previously, the record for the most expensive apartment sold was held by a 273.64-square-meter unit at Traum Haus 5 in Seocho-gu, Seoul, which sold for 18.5 billion won in August 2023.

In South Korea, all real estate transactions — residential and commercial — must have their transaction prices disclosed under rules introduced in 2006.

Outside of the apartment complex category, the most expensive unit sold was at Signiel Residences in Songpa-gu, Seoul. In November 2023, a 483.96-square-meter unit in this residential-commercial complex commonly referred to as an "officetel" here sold for 24 billion won.

Seoul's apartment prices have been on an upward trajectory in recent months. According to the Seoul municipal government, the average apartment sale price in May 2024 reached 1.19 billion won, surpassing the previous record of 1.15 billion won set in April 2022.

By Song Seung-hyun (ssh@heraldcorp.com)