[BizHanKook] Kwak Ho-sung, the eldest son of Hanmi Semiconductor Chairman Kwak Dong-shin, has been confirmed to have purchased an apartment at Nine One Hannam in Yongsan-gu, Seoul, for 26.3 billion won. This is the highest price for an apartment sale in the country this year and the second-highest transaction price in history. The seller was the chairman of a real estate development company (Chairman A), and the apartment's value has jumped by 19 billion won in about five years. Despite the government's stance on increasing the tax burden on high-priced homes, record-high transaction prices continue to be seen in the ultra-luxury housing market.
According to the real estate industry, 23-year-old Kwak Ho-sung, son of Hanmi Semiconductor Chairman Kwak Dong-shin, signed a sales 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 Chairman A of a real estate development company. Chairman A had purchased this apartment along with his spouse for 7.3 billion won in May 2021. This means the apartment's transaction price increased by 19 billion won in about five years.
This transaction also reset the record for the highest price in the Nine One Hannam complex. A 273㎡ unit in this complex was sold for 22 billion won in July 2024, followed by transactions of 25.5 billion won and 26.3 billion won on the same day last month, setting a new record for the complex. This transaction price is the highest for an apartment sale this year, and the second-highest in Korea's history, following the sale of a 274㎡ unit at Acro Seoul Forest for 29 billion won in June of last year.
Kwak Ho-sung, 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 receiving management training while serving as an executive director at Kwakshin Holdings, a precious metals sales company affiliated with Hanmi Semiconductor. Previously, Chairman Kwak gifted a total of 2,906,016 shares of Hanmi Semiconductor to his eldest son, Kwak Ho-sung, and his second son, Kwak Ho-jung, in 2024 and last year. The two men each hold 2.46 million shares (2.58%), with their stake value amounting to 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. A complete analysis by Bizhankook of 40 apartment transactions exceeding 10 billion won last year revealed that 11 units (28%) were purchased by people in their 20s and 30s. Of these, 6 units set new record-high prices for their respective complexes, and 2 units set new records for the same floor plan within their complexes (Related Article [Exclusive] The 13 Billion Won Buyer of Apgujeong's Most Expensive Home is 26 Years Old... 29% of Ultra-High-End Deals Made by 2030s)
The 2030 generation who purchased apartments worth over 10 billion won last year includes Kim Byung-hoon (38), CEO of beauty device company APR; Jin (34, real name Kim Seok-jin), a member of the boy band BTS; and Kim Tae-young (33), the second son of Kim Chang-soo, Chairman of the fashion company F&F. The apartments they purchased were Acro Seoul Forest 274㎡ (29 billion won), Hannam The Hill 243㎡ (17.5 billion won), and Nine One Hannam 207㎡ (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 increases the holding tax burden on ultra-high-priced and non-residential homes and refocuses the long-term capital gains tax deduction on primary residences—the high-priced housing market in the Gangnam area has turned weak. According to the Korea Real Estate Board, apartment prices in Gangnam-gu and Seocho-gu have fallen 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 one week.
However, it is analyzed that the impact of government policies on ultra-luxury housing will be limited. A real estate industry official stated, "Ultra-high-priced housing is primarily purchased by wealthy individuals with low dependence on loans, and because the supply of large, luxury homes in core areas like Hannam, Cheongdam, and Seongsu-dong is limited, there are few substitutes. Even if transaction volumes decrease due to changes in real estate tax laws, it is unlikely to lead to price adjustments."