[비즈한국] It has been confirmed that Kwak Ho-seong, the eldest son of Hanmi Semiconductor Chairman Kwak Dong-shin, purchased an apartment at Nine One Hannam in Yongsan-gu, Seoul, for 26.3 billion won. This marks the highest apartment transaction price in Korea this year and the second-highest ever recorded. The seller is Cha Jung-hoon, Chairman of Korea Real Estate Investment & Trust, whose property value surged by 19 billion won in about five years. Despite the government's stance on increasing the tax burden on high-priced housing, record-high transactions continue to occur in the ultra-luxury housing market.
According to the real estate industry, Kwak Ho-seong (23), son of Hanmi Semiconductor Chairman Kwak Dong-shin, signed a contract on the 27th of last month to purchase a 273㎡ unit at Nine One Hannam in Yongsan-gu, Seoul, for 26.3 billion won. The seller is Cha Jung-hoon, Chairman of Korea Real Estate Investment & Trust. Chairman Cha originally purchased the apartment with his spouse in May 2021 for 7.3 billion won. In effect, the apartment's transaction price has risen by 19 billion won in about five years.
This transaction also set a new record for the Nine One Hannam complex. Following a sale of a 273㎡ unit for 22 billion won in July 2024, the complex saw two more trades on the 27th of last month at 25.5 billion won and 26.3 billion won, respectively, breaking the complex’s own record. This transaction price is the highest among all apartment sales this year, and the second-highest in Korean history after the 274㎡ Acro Seoul Forest unit that sold for 29 billion won in June of last year.
Kwak Ho-seong, who set the new record at Nine One Hannam, is the eldest son of Hanmi Semiconductor Chairman Kwak Dong-shin. Born in 2002, Kwak is currently undergoing management training while serving as an internal director at Kwakshin Holdings, a precious metal sales subsidiary of Hanmi Semiconductor. Previously, Chairman Kwak gifted a total of 2,906,016 shares of Hanmi Semiconductor to his eldest son, Kwak Ho-seong, and his second son, Kwak Ho-jung, in 2024 and last year. Each holds 2.46 million shares (2.58%), with their respective stakes valued at approximately 620 billion won (based on the closing price on the 29th).
The influence of the 2030 generation is growing in the ultra-luxury housing market. According to a full analysis by Bizhankook of 40 apartments sold for over 10 billion won last year, 11 of them (28%) were purchased by individuals in their 20s and 30s. Among these, six set new records for their respective complexes, and two broke records for the same unit size within their complexes (Related article [Exclusive] Buyer of 13-billion-won Apgujeong record unit is 26 years old… 29% of ultra-high-end trades are by 2030s)
The 2030s who purchased apartments worth over 10 billion won last year include Kim Byung-hoon (38), CEO of beauty device company APR; singer Jin (34, real name Kim Seok-jin) of BTS; and Kim Tae-young (33), the second son of Kim Chang-soo, Chairman of fashion company F&F. The apartments they purchased are the 274㎡ Acro Seoul Forest (29 billion won), the 243㎡ Hannam The Hill (17.5 billion won), and the 207㎡ Nine One Hannam (13 billion won), respectively.
Meanwhile, the timing of this transaction is also drawing attention. Since the government announced the August 3 tax reform plan, which aims to increase holding taxes on ultra-high-priced and non-residential properties and restructure long-term capital gains tax deductions to favor actual residents, the high-end housing market in the Gangnam area has turned bearish. According to the Korea Real Estate Board, apartment prices in Gangnam-gu and Seocho-gu fell for seven consecutive weeks from the second week of August to the third week of September (as of the 21st), dropping 0.42% and 0.37%, respectively, in a single week.
However, analysts suggest that the impact of government policies on ultra-luxury housing will be limited. A real estate industry official stated, “The primary buyers of ultra-luxury homes are wealthy individuals with low reliance on loans, and supply is limited for large, high-end homes in key areas like Hannam, Cheongdam, and Seongsu, meaning there are few alternatives. While transaction volumes may decrease due to changes in real estate tax laws, it is unlikely to lead to price adjustments.”