The Noh Young-min Effect... Real Transactions at Banpo Hanshin Serae Rise by 30 Million Won in Two Days

Hanshin Sorae 46㎡ Listings Both Sold
On the 2nd, Apartment Guarded by Noh Young-min Attracts Attention
On the 4th, Actual Transaction Price Rises by 30 Million Won from Previous Asking Price

No Young-min, Chief of Staff to the President, is attending the full meeting of the Steering Committee held at the National Assembly on November 29 last year, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Jiwon] The Hansin Serae Apartment in Banpo-dong, Seocho-gu, Seoul, which became famous as the apartment chosen by Presidential Chief of Staff Noh Young-min, was recently sold at a price 30 million KRW higher than the previous asking price.

Critics point out that the Blue House, which aims to curb housing prices, is instead sending a 'Gangnam Invincible' signal to the market, only raising asking prices.

According to the real estate brokerage industry on the 6th, two listings of Hansin Serae 46㎡ (exclusive area) that had been attracting inquiries were both sold recently.

A representative of real estate agency A in the area said, "Two 20-pyeong units of Hansin Serae were listed at the end of last month, but now none are available," adding, "One was recently sold for 1.1 billion KRW, and on the 4th, another was sold for 1.13 billion KRW."

The previous asking prices for units of this size were 1.09 billion KRW and 1.1 billion KRW. In just a few days, the actual transaction price rose about 30 million KRW above the asking price.

This complex had no transactions after being sold for 925 million KRW in August last year and 1 billion KRW in October of the same year. However, rumors spread that Chief of Staff Noh, who owns two houses, would sell his apartment in Cheongju, Chungbuk?his constituency during his time as a member of the National Assembly?but not this apartment, drawing attention.

Compared to last year, the actual transaction price has increased by 130 million KRW since the Noh incident.

A representative of nearby real estate agency B said, "Because of the story that Chief of Staff Noh chose this apartment, prices have sharply risen in the past few days. Compared to last year, it has increased by more than 100 million KRW."

Earlier, a key Blue House official said on the 2nd, "Chief of Staff Noh recommended again that we take the lead in disposing of real estate," and "Noh himself decided to dispose of his apartment in Banpo." However, shortly after, it was corrected that he decided to dispose of the Cheongju apartment, not the Banpo one.

Hansin Serae 46㎡ is a corridor-style apartment consisting of two bedrooms and a combined kitchen and living room. It is somewhat small for a family to live together. Chief of Staff Noh purchased this apartment in 2006 for 280 million KRW, and it is known that his son currently resides there. Industry insiders say this is a representative case of the Blue House sending a 'Gangnam Invincible' signal to the market.

Built in 1987, the complex is over 30 years old and eligible for reconstruction, so it is known that cash-rich investors often buy it with jeonse (long-term deposit lease) for investment purposes. Representative B said, "There is no movement for reconstruction yet, but some people invest thinking it will be possible in 8 to 10 years."

Panoramic view of Hanshin Serae Apartment, Banpo-dong, Seocho-gu, Seoul

This content was produced with the assistance of AI translation services.