[2020 National Audit] 41 Buyers of Hannam The Hill Purchased with Cash Without Loans

The exclusive 244㎡ penthouse at Hannam The Hill.

[Asia Economy Reporter Yoo In-ho] Since 2018, 41 individuals who purchased Hannam The Hill in Hannam-dong, Yongsan-gu, Seoul, bought their homes using only savings and cash, without loans or gifts.

According to an analysis by Democratic Party lawmaker So Byung-hoon of the National Assembly Land, Infrastructure and Transport Committee on about 600,000 housing fund procurement plans submitted by the Ministry of Land, Infrastructure and Transport on the 7th, excluding stocks, bonds, inheritance or gifts, and real estate sale proceeds, 1,055 people purchased homes using only cash assets such as savings or cash they already owned.

The most frequently purchased housing by these individuals was Hannam The Hill in Hannam-dong, Yongsan-gu, with a total of 41 people spending an average of 3.37317 billion KRW to buy homes.

People who bought homes using only cash assets such as savings or cash were concentrated in the so-called Gangnam 4 districts, including Tower Palace in Dogok-dong, Gangnam-gu and Wirye Licheville First Class in Songpa (14 people each), Godeok Arteon in Sangil-dong, Gangdong-gu (13 people), Oksan House in Yeoksam-dong, Gangnam-gu (12 people), Resentz in Jamsil-dong, Songpa-gu, Gaepo Jugong Apartments in Gaepo-dong, Gangnam-gu, and The H Xi Gaepo in Irwon-dong, Gangnam-gu (10 people each).

In particular, the person who purchased a home at the highest price was Chung Yong-jin, Vice Chairman of Shinsegae. In 2018, Vice Chairman Chung purchased a house in Hannam-dong, Yongsan-gu from Shinsegae Group Chairwoman Lee Myung-hee, financing the entire purchase amount of 16.12731 billion KRW through financial institution deposits.

By region, people who bought homes in the three Gangnam districts?Gangnam-gu (248 people), Seocho-gu (184 people), Songpa-gu (105 people)?and Yongsan-gu (123 people) accounted for 63%. By age, buyers in their 60s or older were the largest group with 432 people, followed by those in their 50s with 293, 40s with 216, 30s with 87, and 20s with 27.

The youngest homebuyer who purchased a house using only cash assets they owned was Mr. A, born in 2000, who bought a pre-sale right for Bangbae Grangjai in Bangbae-dong, Seocho-gu in 2019 using only his savings of 1.7243 billion KRW.

Lawmaker So said, “Due to the government's strengthened loan regulations, it has become difficult for young people and the homeless to secure their own homes in Seoul, but it has been revealed that a small number of cash-rich individuals are purchasing high-priced homes without concern. With the median apartment sale price in Seoul exceeding 850 million KRW as of September, the government should expand financial support so that young people and the homeless who need to secure their own homes do not despair due to loan restrictions.”

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