Hannam The Hill Records Highest Sale Price for 7 Consecutive Years

Hannam The Hill, Hannam-dong, Yongsan-gu, Seoul [Image source=Yonhap News]

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[Asia Economy Reporter Onyu Lim] Hannam The Hill in Hannam-dong, Yongsan-gu, Seoul, has been recorded as the complex with the highest sales price for seven consecutive years.

According to Zigbang on the 15th, the apartment with the highest transaction price in Seoul last year was a 243㎡ (exclusive area) unit in Hannam The Hill, contracted at 7.75 billion KRW.

With this, Hannam The Hill has been recorded as the highest-priced complex in Seoul for seven consecutive years since 2014. Before transactions began at Hannam The Hill, the highest prices in Seoul were around 4 to 5 billion KRW, but after transactions started at Hannam The Hill, the highest price level rose significantly to around 7 to 8 billion KRW. Last year's highest price was the lowest among the highest prices in the past five years, but the exclusive area was smaller than that of previously traded apartments.

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An analysis by Zigbang of the top 100 apartment transaction prices in Seoul last year showed that they were located in four districts: Gangnam-gu (53 units, 48%), Yongsan-gu (26 units, 24%), Seocho-gu (25 units, 23%), and Seongdong-gu (6 units, 5%).

Yongsan-gu and Seongdong-gu showed high average transaction prices per case due to the dominance of outstanding complexes in the Gangbuk area. In Yongsan-gu, 25 out of 26 top transaction cases were Hannam The Hill, and in Seongdong-gu, 5 out of 6 top cases were Galleria Foret in Seongsu-dong 1-ga.

In Gangnam-gu, apartments in Apgujeong-dong showed particular strength. Shinhyundai 11th and Hyundai 7th (buildings 73~77, 82, 85) each had 7 transactions, Hyundai 1st (buildings 12, 13, 21, 22, 31, 32, 33) had 6 transactions, and Hanyang 8th (building 81) and Hyundai 2nd (buildings 10, 11, 20, 23, 24, 25) each had 5 transactions. In Seocho-gu, Acro River Park and Raemian Firstige in Banpo-dong each had 8 transactions.

The average price per transaction among the top 100 was 5.20159 billion KRW, a slight increase of 0.2% compared to the previous year. By district, Yongsan-gu was 5.92692 billion KRW, Seongdong-gu 5.0959 billion KRW, Gangnam-gu 5.02658 billion KRW, and Seocho-gu 4.8436 billion KRW, in that order.

Ham Young-jin, head of Zigbang Big Data Lab, said, "While demand for ultra-high-priced apartments continues, new supply is limited, so preferences for these are expected to continue. Nine One Hannam in Hannam-dong is about to convert from sale to lease, and Acro Seoul Forest in Seongsu-dong 1-ga will begin move-ins from January, which is expected to enrich the supply of ultra-high-priced apartments north of the Han River."

Meanwhile, the apartment with the highest increase in transaction price by area compared to the previous year was Hyundai 7th (buildings 73~77, 82, 85) in Apgujeong-dong, 245㎡. It was traded at 5.2 billion KRW in May 2019 but was traded at 6.7 billion KRW last year, a 1.5 billion KRW increase. Shinbanpo 7th in Jamwon-dong, Seocho-gu, 140㎡, was also traded at 2.9 billion KRW, 1.47 billion KRW higher than the highest price in 2019. The rate of increase was 102.8%, the highest rise.

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