"Tower Palace Approaches 10 Billion Won... Ultra-High-End Apartment Sales Continue at Record Prices"

5 Transactions Over 9 Billion Won Until August
Among Them, Tower Palace Traded for 9.9 Billion Won
100 Billion Won Complexes in Gangnam, Yongsan, Seongdong

Among the so-called 'hyper-end' residential complexes, the number of complexes poised to join the so-called '100 Billion Club' is increasing.

The view of Tower Palace in Gangnam-gu, Seoul. [Image source=Yonhap News]

According to the Ministry of Land, Infrastructure and Transport's actual transaction price data on the 31st, there have been a total of 5 apartment transactions priced at 9 billion KRW or more this year up to that date. On July 31, the 'Tower Palace 1st Phase' apartment with an exclusive area of 301㎡ was traded at 9.9 billion KRW, setting a new record. This is the second highest sale price among apartments traded this year.

Compared to the previous record price of 8.7 billion KRW in May 2022, the price surged by 1.2 billion KRW in just 1 year and 2 months.

On July 7, the 'Acro Seoul Forest' apartment in Seongsu-dong, Seongdong-gu, with an exclusive area of 198㎡, was sold for 9.5 billion KRW. The 264㎡ unit of this apartment was actually traded for 13 billion KRW in September last year.

The 'Nine One Hannam' apartment in Hannam-dong, Yongsan-gu, with an exclusive area of 206㎡, also approached 10 billion KRW. It set the highest price record for the complex when it was traded at 9 billion KRW on June 28.

The 'Sangji Ritzville Kyleum 2nd Phase' apartment in Cheongdam-dong, Gangnam-gu, with an exclusive area of 244㎡, was also traded at a record high of 9 billion KRW on May 11.

Real estate agents explained that most of these transactions were made by wealthy buyers purchasing entirely in cash without loans.

Experts expect the so-called hyper-end housing market to grow further.

Meanwhile, the first appearance of a 10 billion KRW apartment in the domestic apartment market based on the Ministry of Land's actual transaction prices was in 2021. At that time, the 'PH129' apartment in Cheongdam-dong, Gangnam-gu, with an exclusive area of 273㎡, was traded for 11.5 billion KRW. Since then, complexes exceeding 10 billion KRW have appeared in Yongsan-gu and Seongdong-gu as well.

So far, the only apartment sold for over 10 billion KRW in Gangnam-gu is 'PH129 (exclusive 273㎡)' in Cheongdam-dong. In Yongsan-gu, there are two complexes: 'Park Hannam (268㎡)' and 'Hannam The Hill (240㎡)' in Hannam-dong, and in Seongdong-gu, there is one complex: 'Acro Seoul Forest (264㎡)' in Seongsu-dong.

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