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Big, private and convenient: Seoul's luxury apartments embody lifestyles of Korea's rich and famous

Published: 28 Apr. 2025, 18:09

Hannam The Hill in Yongsan District, southern Seoul. [JOONGANG ILBO]

Unlike the classical images of mansions with white fences, gardens and Greek-inspired pillars, the lifestyles of the rich and fabulous in Korea largely take place within the confines of modern concrete and steel-framed apartment complexes.

Mentioned in the likes of K-dramas and films, what is life like for those living in these modern palaces? How much do they earn?

Hannam-dong's ‘Twin Titans’ top income rankings

As of January, the area with the highest resident income was Nine One Hannam in Yongsan District, central Seoul. Residents registered there posted an average annual income of 2.45 billion won ($1.78 million).

This figure far surpasses the national average household income of 71.85 million won and the Seoul average of 94.46 million won, according to Statistics Korea. It also stands 10 times higher than residents' income at Hyundai Apartments 6th and 7th Complexes in Apgujeong-dong, Gangnam District (242.89 million won), often dubbed Korea’s most prestigious neighborhood.

Celebrities like K-pop boy band BTS members Jimin and RM, as well as corporate heirs such as Heo Joon-hong, president of Samyang Tongsang, and Heo Chi-hong, executive director at GS Retail, call Nine One Hannam home.

Neighboring Hannam The Hill ranked second with an average annual income of 1.53 billion won. The two high-end residential complexes in Hannam-dong dominated the top two spots. Both feature tight security with guards monitoring all visitors and hotel-grade amenities, making them highly sought after by the wealthy. Their geography — nestled against Namsan Mountain with a view over the Han River — also adds appeal.

“While Pyeongchang-dong and Seongbuk-dong were once Korea’s traditional wealthy areas, newly affluent residents have increasingly migrated southward to Hannam-dong,” said Jung Bo-hyun, a real estate researcher at NH Investment & Securities Tax Center.

Nine One Hannam in Yongsan District, southern Seoul [YONHAP]

Skyscraper complexes remain symbols of wealth

High-rise mixed-use complexes, long seen as symbols of affluence, also showed high resident incomes. Nine out of the top 30 wealthiest neighborhoods were skyscraper complexes.

“Daewoo Trump World 1” in Yeouido, western Seoul, built by Daewoo Engineering & Construction and named after then-real estate mogul U.S. President Donald Trump, ranked third with an average income of 686.91 million won.

Other top entries included residents of Galleria Foret in Seongsu-dong, Seongdong District, with an income of 565.04 million won, Tower Palace 1 in Dogok-dong, Gangnam District, at 496.49 million won, Acro Vista in Seocho-dong, Seocho District, at 385.98 million won, and Acro Seoul Forest in Seongsu-dong, Seongdong District, at 358.45 million won.

Experts noted that these residences typically attract politicians, corporate executives and entertainers. Tower Palace 1 is the former residence of Han Dong-hoon, former leader of the conservative People Power Party, and Acro Vista housed impeached President Yoon Suk Yeol.

These skyscrapers are primarily in semi-residential or commercial zones with excellent access to subways, banks, hospitals and other amenities.

Although mixed-use complexes generally have high floor area ratios, reducing investment value, high-income individuals prioritize convenience and superior views, often found in these 40-story towers,” said Ko Jun-seok, a professor at Yonsei University's Sangnam Institute of Management.

Banpo Xi in Seocho District, southern Seoul [JOONGANG ILBO]

High-income families concentrate in school district hot spots

Apartments in Daechi-dong and Banpo-dong, famous for their prestigious school districts, also stood out. These areas are among the so-called "Gangnam 8 School Districts," where school demand is particularly high.

For Daechi-dong, residents living in Daechi Dongbu Centreville, with an income of 451.96 million won, Daechi Samsung 1 at 277.24 million won, and Daechi I-Park, at 271.20 million won, ranked high. In nearby Yeoksam-dong, Gaenari Prugio, at 282.66 million won, emerged as a notable entry.

These neighborhoods are assigned to top elementary schools such as Daedo, Daechi and Doseong Elementary, and are close to Daechi’s infamous cram school district.

In Banpo-dong, residents of Raemian Prestige had an income of 295.10 million won, and Banpo Xi at 253.76 million won made the list. Notably, Raemian One Bailey, despite its status as Banpo’s premier complex, did not rank among the highest. A local realtor explained that the average income has not yet caught up since it is a newly built complex with many older original residents from the reconstruction phase.

These school district areas are home to many legal and medical professionals, according to local sources.

Tower Palace in Gangnam District, southern Seoul [YONHAP]

Wealthy apartments' common features: Large units and privacy

Experts point to commonalities among apartments with high resident incomes: large unit sizes, excellent privacy and strong surrounding infrastructure.

The top 10 neighborhoods had average unit sizes of over 165 square meters.

“Large-sized apartments in Seoul command premium prices and offer enhanced privacy, with only one or two units per floor,” said Yoon Ji-hae, head of research at real estate consultancy R114.

Security and exclusivity outweigh house prices

In upscale complexes like Nine One Hannam, Tower Palace and I’Park Samsung, security procedures are so thorough that residents commonly joke that “delivery noodles get soggy.” Residents care more about their neighbors' economic and social status than the house price itself.

“Because residents on the same floor are usually of the same economic status, a sense of community naturally develops, increasing the appeal for high-income earners,” said Yoon.

Daewoo Trump World in Yeouido, western Seoul [JOONGANG ILBO]

High credit card spending in luxury complexes

Luxury apartment residents also posted high credit card usage. Six complexes, including Nine One Hannam, Hannam The Hill and Galleria Foret, had households spending over 20 million won a month, at least four times higher than the Seoul average of 5.11 million won.

At Acro Seoul Forest, for example, while the average annual income was 358.45 million won, monthly card spending exceeded 20 million won, suggesting residents draw heavily from financial assets rather than just their salary.

Leveraging high debt with high income

High-income residents actively leveraged mortgages when purchasing apartments. Five complexes, including Nine One Hannam, had average household mortgages exceeding 1.2 billion won. These properties command prices around 100 million won per 3.3 square meters.

Despite the large loans, high incomes make repayment manageable. Taking Raemian Prestige as an example, an average resident earning 295.10 million won annually, with a 30-year mortgage at a 4.5 percent interest rate and a loan of 762.09 million won, would have a debt service ratio (DSR) of just 15.7 percent — well below the 20 percent threshold.

If borrowing up to the regulatory limit of 40 percent DSR, the loan ceiling could reach around 1.9 billion won.

“Even with significant borrowing, high-income residents are fully capable of handling principal and interest repayments,” said Yoon Ji-hae.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY HWANG EUI-YOUNG [[email protected]]