Land Price No.1 'Myeongdong Nature Republic'... Standard House Price No.1 'Chairman Lee Myung-hee's Residence'

Chairman Lee Myung-hee's Hannam-dong Residence Tops for 7 Years
Despite COVID-19 Impact, Myeongdong Land Prices Remain High
Myeongdong Nature Republic Tops for 19 Years
Official Prices Decline... Gangnam Enters Ranking

Among the 240,000 standard detached houses next year, the owner of the house with the highest publicly announced price is Lee Myung-hee, Chairwoman of Shinsegae Group. Additionally, the most expensive land in South Korea next year is the Nature Republic site in Myeongdong, Jung-gu, Seoul, which has held the top spot for 19 years.

According to the 2022 standard detached house public price announcement released by the Ministry of Land, Infrastructure and Transport on the 22nd, the publicly announced price of the detached house owned by Chairwoman Lee in Hannam-dong, Yongsan-gu, Seoul, as of January 1 next year, is 31.1 billion KRW. This is a 5.3% increase compared to 29.53 billion KRW this year.

Chairwoman Lee’s house has a total floor area of 2,861㎡ and has recorded the highest price for seven consecutive years since becoming a standard house in 2016. The house was valued at around 16.9 billion KRW in 2018, but the public price has significantly increased due to the sharp rise in real estate prices under the current government.

Following this, the house of Lee Hae-wook, Chairman of DL Group, in Samseong-dong, Gangnam-gu, ranked second with a publicly announced price of 20.59 billion KRW. The house at 44 Hoenamu-ro, Yongsan-gu, owned by the Ho-am Foundation of Samsung Group (18.47 billion KRW), the house in Itaewon-dong, Yongsan-gu, owned by Seo Kyung-bae, Chairman of Amorepacific Group (17.77 billion KRW), and the house in Itaewon-dong owned by the Kyungwonsegi owner family (17.76 billion KRW) followed.

Among the top 10 standard house public prices, seven houses are located in the high-priced residential areas of Hannam-dong and Itaewon-dong in Yongsan-gu. The remaining three are two in Samseong-dong, Gangnam-gu, and one in Bangbae-dong, Seocho-gu. The rankings from first to eighth remained the same as this year.

While Chairwoman Lee’s house is the most expensive among standard detached houses, the most expensive house overall is expected to be the late Lee Kun-hee, former Chairman of Samsung Electronics’ detached house in Hannam-dong. Although this house is not included in the standard detached houses, it was evaluated at 43.15 billion KRW in the individual detached house public price announced last March.

Seoul Jung-gu Myeongdong is showing a quiet scene. Photo by Jinhyung Kang aymsdream@

The most expensive land is the Nature Republic site in Myeongdong, Jung-gu, Seoul. The publicly announced land price for this site next year is 189 million KRW per square meter, maintaining its position as the most expensive land for 19 years. However, due to the impact of the COVID-19 pandemic causing a decline in the Myeongdong commercial district, the public price fell by 8.5% from 206.5 million KRW this year.

Next is the Woori Bank site in Myeongdong 2-ga (392.4㎡), where the publicly announced land price per square meter dropped 5.8% from 199 million KRW this year to 187.5 million KRW next year. The former Uniqlo site in Chungmuro 2-ga (300.1㎡), ranked third, is also expected to decrease from 178.5 million KRW to 125 million KRW, a 6.5% drop. The fourth-ranked site, the Tony Moly cosmetics store in Chungmuro 2-ga (71㎡), will also decrease from 185 million KRW to 170 million KRW, an 8.4% decline.

The rankings for the top 1 to 4 publicly announced land prices remain the same as this year, but most prices have fallen due to the sluggish commercial districts in Myeongdong and Chungmuro. Accordingly, next year, land in Gangnam-gu and Seocho-gu will be included in the 9th and 10th positions. The office land in Seocho-dong, Seocho-gu (662.2㎡), will see its publicly announced price per square meter rise 10.5% from 113.1 million KRW this year to 125 million KRW next year. The office land in Yeoksam-dong, Gangnam-gu (747.7㎡) will also increase by 15.4%, from 107 million KRW per square meter to 123.5 million KRW.

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