The Penthouse Cheongdam takes the top spot, followed by Eterno Cheongdam in second place and Nine One Hannam in third.
These ultra-luxury apartments are predominantly located in Gangnam and Yongsan districts.
Hyundai Construction
Despite a long-term economic downturn leading to unsold properties and a nationwide cooling of the real estate market, ultra-luxury apartments continue to make headlines as their prices soar above $8.5 million. So, which apartments are boasting these high prices?
According to the housing price announcement by the Ministry of Land, Infrastructure and Transport on April 19, the apartment with the highest price tag is The Penthouse Cheongdam, located in the Gangnam district.
The official price of this apartment, with a private area of 407.71 square meters (about 123 pyeong), was revealed to be $139 million. This starkly contrasts the average transaction price of apartments in the provinces last year (2023), estimated at $2.25 million.
Hyundai Construction
The price of The Penthouse Cheongdam this year is reported to have increased by nearly $1.36 million from last year, totaling $13.3 million. This apartment complex consists of a single building with 29 units and was built from the basement level 6 to the 20th floor.
Due to its small size, it offers excellent privacy, attracting a large number of celebrities and athletes. It has gained fame as the residence of notable figures such as the celebrity couple Jang Dong Gun and Ko So Young, golfer Park In Bee, and star lecturer Hyun Woo Jin.
Especially since its occupancy in August 2020, it reached the top valuation of about $13.2 million in 2021, right after its construction, maintaining its status as the most expensive co-op.
Eterno Construction
The next most expensive apartment is also located in Cheongdam.
The official price of Eterno Cheongdam, an apartment near the Han River that began move-ins earlier this year with a private area of 464.11 square meters (140 pyeong), was revealed to be $109 million, ranking second. This apartment was designed by Spanish architect Rafael Moneo, who won the prestigious Pritzker Prize in architecture in 1996 and has also garnered attention. Moreover, the Pritzker Prize is often called the Nobel Prize of Architecture.
Eterno Cheongdam, like The Penthouse Cheongdam, is a small-scale apartment complex with one building and 29 units. Experts say these high-priced apartments are built with 29 units because those built on private land in Seoul’s speculative overheating districts with less than 30 units are not subject to the upper limit of the sales price.
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Following the Gangnam district, the highest official prices were found in the Yongsan district. Among them, Nine One Hannam, located in Hannam-dong, Yongsan district, with a private area of 244.72 square meters (73 pyeong), had an official price of $90.6 million, ranking third. Next, Hannam The Hill apartment complex, located in Hannam-dong, Yongsan district, with a private area of 244.75 square meters (73 pyeong), was set at $84 million, ranking fourth in the high-priced apartment rankings.
Notably, Nine One Hannam recently made headlines when star couple Jang Yoon Jung and Do Kyung Wan sold their unit three years after purchase, making a profit of $5.9 million.
Moreover, it is well-known that RM and Jimin of BTS, as well as G-Dragon of Big Bang, own units in this building.
Additionally, it has been confirmed that the highest monthly rent price is found in an apartment in the Yongsan district; thus, it is also referred to as the place where the actual housing price is the highest.
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In Seoul’s Seongdong District, Seongsu-dong1ga’s Acro Seoul Forest, with a floor area of 273.93㎡ (about 82 pyeong), is valued at about $7.3 million, ranking fifth. This apartment, maintaining its rank from last year, offers views of Seoul Forest and the Han River. Constructed from 7 underground floors to 18 above-ground floors, it is known to house 280 units across two buildings. Geographical advantages make it a famous residence for celebrities such as Lee Jae Hoon, Park Kyung Lim, and the couple Joo Sang Wook and Cha Ye Ryun.
This year, the Ministry of Land, Infrastructure, and Transport released Seoul’s top 10 most expensive apartments. Gangnam and Yongsan districts have three of the most expensive apartments, while Seocho District has two. These are predominantly clustered around the Han River area.
Last year, the LCT apartment in Haeundae, Busan, was the only one outside of Seoul to make it into the top 10, but it was excluded this year.
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