Senior Official at Ministry of Land's 'Love for Gangnam Apartments'... Only Sold Sejong Apartments

Both Vice Ministers of the Ministry of Land Own Apartments in Gangnam 3 Districts
1st and 2nd Vice Ministers Retain Gangnam Apartments but Dispose Only Sejong Properties
Disposed Due to Single-Home Pressure but 'Love for Gangnam' Remains

Minister of Land, Infrastructure and Transport Byeon Chang-heum is attending the "17th Real Estate Market Inspection Meeting of Related Ministers" held at the Government Seoul Office in Jongno-gu, Seoul on the 17th. Photo by Jin-Hyung Kang aymsdream@

[Asia Economy Reporter Moon Jiwon] It has been revealed that the Minister of Land, Infrastructure and Transport and both the 1st and 2nd Vice Ministers all own apartments in the Seoul Gangnam 3 districts (Gangnam, Seocho, Songpa). Other high-ranking multi-home government officials also sold their apartments in local areas such as Sejong last year and kept their apartments in the Gangnam area, becoming single-home owners. This is analyzed as further proof of the 'Gangnam love' among Land Ministry officials, the main department responsible for real estate policy.

According to the 2021 public official asset change report disclosed by the Government Ethics Committee on the 25th, Minister Byeon Changheum owns an apartment in Hyundai Opera House, Bangbae-dong, Seocho-gu, Seoul (129.73㎡). This is a 'solo apartment' with 14 households in one building, and the officially announced price is 653 million KRW. The exact market price is unknown, but earlier this year, a smaller unit than the one owned by Minister Byeon was sold for 1.48 billion KRW.

First Vice Minister Yoon Seongwon reported that he co-owns an apartment in Gyeongnam Nonhyeon Apartment, Nonhyeon-dong, Gangnam-gu, Seoul (83.72㎡) with his spouse. The official price rose from 559 million KRW to 653 million KRW within a year. This unit size was sold for 1.3 billion KRW in August last year, and the current market price is known to be around this level.

Second Vice Minister Son Myungsoo owns an apartment in Hyundai 2-4th Complex, Ogeum-dong, Songpa-gu, Seoul (84.98㎡). The official price increased by 267 million KRW from the previous 650 million KRW within a year. This unit was sold for 1.55 billion KRW in January and is currently listed for 1.75 billion KRW.

Vice Ministers Yoon and Son both sold their Sejong apartments last year while keeping their Gangnam area apartments, becoming single-home owners. Vice Minister Yoon sold his apartment in Saesaem Village 6 Complex, Sodam-dong, Sejong (59.97㎡) for 423 million KRW and currently lives there as a tenant paying 200 million KRW in jeonse rent. Vice Minister Son owned an apartment in Castle & Famille Diart, Banggok-dong, Sejong (84.45㎡) for 298.4 million KRW and sold it for 387 million KRW.

Other high-ranking officials in the Ministry of Land also chose Seoul Gangnam apartments over local apartments such as those in Sejong. Director Kim Sangdo of the Aviation Policy Office owns an apartment in Gaepo-dong, Gangnam-gu, Seoul (60.76㎡) and sold his apartment in Doremae Village 10 Complex, Dodam-dong, Sejong (84.76㎡) last year for 745 million KRW. Hwang Seonggyu, Standing Member of the Metropolitan Area Wide Transportation Committee, sold his apartment in Doremae Village 15 Complex, Dodam-dong, Sejong (84.99㎡) for 730 million KRW and continues to own an apartment in Imkwang Apartment, Bangbae-dong, Seocho-gu, Seoul (136.38㎡).

The reason high-ranking officials in the Ministry of Land have sold their Sejong apartments like this is interpreted as increased pressure from 'higher-ups' to keep only one home amid continuously rising house prices. However, the common behavior of selling Sejong apartments instead of Gangnam ones has led to speculation that Ministry officials also expect the future price increase rate in Gangnam to be higher than in Sejong.

In Sejong, house prices have surged since last year due to issues such as the administrative capital relocation, but the industry views keeping Gangnam apartments as more rational from an investment perspective. Especially since Sejong’s apartment price increase rate was the highest nationwide last year, it is analyzed that their capital gains were also considerable. Meanwhile, due to these sales, all seven high-ranking Ministry of Land officials who reported being multi-home owners last year became single-home owners this year.

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