Gangnam Plummets, but Nine One Hannam Hits KRW 26.3 Billion, or KRW 260 Million per Pyeong

[Financial News] South Korea's apartment market is entering the era of KRW 20 billion sales in earnest. This year alone, four transactions have already joined the KRW 20 billion club—the highest figure on record. Among ultra-luxury complexes, Nine One Hannam in Yongsan is leading the market.
According to actual transaction price data from the Ministry of Land, Infrastructure and Transport (MOLIT) released on the 30th, a 273-square-meter unit at Nine One Hannam in Hannam-dong, Yongsan District, was sold for KRW 26.3 billion on August 27. The price surpassed the complex's previous record of KRW 25.5 billion. Based on the 100-pyeong supply area, it amounts to more than KRW 260 million per 3.3 square meters, making it the second-highest price ever recorded in South Korea's apartment market.
MOLIT data shows that the first member transactions of the KRW 20 billion club emerged in 2024, when three such deals were recorded. Since then, there have been two transactions in 2025 and four in 2026, bringing the total to nine. The four transactions recorded from January through September this year represent an all-time high.
Nine One Hannam is the clear leader by complex. Seven of the nine transactions worth KRW 20 billion or more took place there. Completed in 2019, Nine One Hannam consists of 341 units ranging from 207 to 273 square meters of exclusive-use area. According to Korea Real Estate Board (KREB) statistics, the complex recorded KRW 199.67 million per 3.3 square meters as of the end of September, making it the most expensive apartment complex in South Korea. Transactions worth more than KRW 20 billion have also been recorded at Acro Seoul Forest in Seongsu-dong, Seongdong District, and ETERNO CHEONGDAM in Cheongdam-dong, Gangnam-gu.
Industry sources say the ultra-luxury housing market appears to be largely unaffected even as home prices in Gangnam have turned downward. As the number of wealthy individuals grows and liquidity surges, they are purchasing ultra-luxury apartments entirely in cash, without loans.
Ko Jun-seok, a professor at Yonsei University, said, "The opening of the KRW 20 billion era, following the KRW 10 billion era, is one indication that liquidity is surging. A series of stringent government regulations, including tax reforms, also appears unlikely to affect the ultra-luxury housing market."

[email protected] Lee Jong-bae Reporter