Mark Hills has most costly apartments in Korea

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Mark Hills has most costly apartments in Korea

The most expensive apartment sold over the past four years in Korea was at Gangnam’s Mark Hills in the wealthy neighborhood of Cheongdam-dong, southern Seoul, according to the Ministry of Land, Infrastructure and Transport.

A unit at Mark Hills sold for 6.5 billion won ($6.27 million) in January, Lee No-keun, a lawmaker of the ruling Saenuri Party said yesterday, citing the report released by the land ministry on actual prices of apartments between 2011 and now.

The report also revealed that 2.14 million apartments were sold over that time period and the average amount per transaction increased in the past two years, though the ministry did not say by how much.

According to the report, people in the top 1 percent in terms of wealth live in the Mark Hills, including celebrities such as actors Lee Min-ho, Hyun Bin and retired figure skater Kim Yuna, along with high-profile business leaders and politicians.

The complex has two buildings, and each apartment has a floor space of 193 square meters (2,077 square feet) and comes with a private garden. The nation’s most expensive apartments were constructed by Mega Mark, the building subsidiary of Orion Group.

Sangji Ritzville Caelum in Cheongdam-dong had the second-most expensive apartments, selling at 5.7 billion won for 244 square meters of floor space, and Seoul Forest Galleria Foret in Seongdong District, eastern Seoul, came third at 5.5 billion won with 271 square meters of floor space.

The famous Tower Palace in Dogok-dong, Gangnam District, southern Seoul, was the 10th-most expensive, with apartments going for 4.38 billion won with 218 square meters floor space.

“The merit of Tower Palace in Dogok-dong, once known as the residential zone for the upper class in Gangnam, is declining as new luxury residencies emerge in Cheongdam-dong, where the Han River can be viewed,” said a real estate agent in Apgujeong-dong, southern Seoul.

Also between 2011 and now, nine out of 10 apartments that traded at 1 billion won or more, or 8,840 apartments, were located in Seoul.

Of those, 76 percent were located in three districts in the south of Seoul: Gangnam, Seocho and Songpa.

In other regions, 6.3 percent of units that sold for at least 1 billion won were in Gyeonggi; 3.56 percent were in Busan, South Gyeongsang; 0.57 percent was in Daegu, North Gyeongsang; 0.46 percent in Incheon; 0.19 percent in Daejeon, South Chungcheong; 0.06 percent in Ulsan, South Gyeongsang; and 0.02 percent was in Gwangju.

The cheapest units were at the Newcore Apartment building in Goheung, South Jeolla, going for 4.5 million won for a 23 square meter home.

The least expensive new apartments were concentrated in Goheung, Jeungpyeong, North Chungcheong and Donghae, Gangwon.


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