[4K] Korea's richest neighborhood, a few years later: Apgujeong Hyundai Apartment 압구정현대 Seoul Korea
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- เผยแพร่เมื่อ 6 ต.ค. 2024
- "1st Generation Gangnam Real Estate Rich!"
It was in the late '70s that large apartments began to be built on the land that used to be orchards and vegetable gardens. The 6,300-generation apartment was a large unit of 108-270 square meters, so it wasn't a residential area for the common people in the first place. It was enough to attract the attention of the rich, and as soon as it was sold, the price doubled. This is where the Gangnam real estate craze began.
As the popularity of apartments soared, senior government officials, politicians and journalists were punished for illegally obtaining the apartment. Rather, this incident has raised the reputation of Apgujeong Hyundai Apartment and established itself as a rich neighborhood representing Gangnam.
Even now, there are many rich and powerful people living in this apartment complex, including chaebol chairmen, lawmakers, and ministers. There are countless professors, judges, prosecutors, and doctors, and top-class tv broadcasters such as Yoo Jae-seok, Kang Ho-dong, Kim Yong-man, and Noh Hong-chul live in large units of four bedrooms.
Although the exterior is old because it was built decades ago, most houses have very luxurious interior. This apartment is about to be rebuilt, and after the construction, it will emerge as the most luxurious apartment complexes in Korea.
★MAP: naver.me/xfh3xjEr
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⭐️by "Korea JoongAng Daily" July 22, 2016
A realtor surnamed Kim in Apgujeong-dong, southern Seoul, one of the country’s most luxurious residential neighborhoods, has recently been getting more calls from customers interested in buying apartments in the area. The problem is, he can’t find any units to offer.
Even when he does have one up for sale, the deal often fails to reach a final agreement because the landlords often end up asking for a much higher price than initially offered.
“The apartments [in Apgujeong] have seen their selling price increase 100 million won [$88,000] compared to two months ago,” Kim said. “But the landlords, expecting an additional rise on the price, have decided not to sell.”
When news of the government’s redevelopment plan first surfaced in May, sales in Apgujeong grew sharply, and so did the prices. It was a stark contrast to other redevelopment projects in the Gangnam area, where popularity has been waning due to strong government regulations on loans in those projects.
According to the Seoul Metropolitan Government, apartments sold in Apgujeong last month amounted to 79 units, a 46 percent increase compared to May. Additionally, the number of apartments sold in June was twice the average of 32 units sold during the same month between 2010 and 2015. As a result, the average price of apartments in Apgujeong has gone up 1.76 percent, higher than the 0.82 percent increase in May.
When the Korean government started developing south of the Han River in the mid-1970s, Apgujeong quickly grew to become the wealthiest neighborhood in the area. But 20 years later, it gave up its No. 1 spot to neighboring Banpo-dong, largely because the apartments were getting old and uncomfortable.
As a result, residents sought to redevelop the buildings in 2006, but several attempts to launch a project failed, largely due to conflict between apartment owners and the Seoul government. The city government wanted residents to donate 25 to 30 percent of the redeveloped complexes to the city in hopes of installing public facilities like recreational parks. The apartment owners refused, concerned about the lost potential profit from giving the land up for public use.
Market experts say once Apgujeong gets its facelift, it will likely reclaim its status as the country’s wealthiest neighborhood, currently held by Banpo-dong and Gaepo-dong.
The project, however, is still in its early stages and faces several obstacles. Industry experts speculate that it will take 10 years for the redevelopment to be completed. The long process will include the formation of a union by apartment owners to oversee the project and obtain government approval.
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#seoulrealestate #seoulapartment #apgujeong-dong
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For those who don't know much about the place, Apgujeong-dong is the most expensive neighborhood in South Korea, purely based on the land price. The prices of the apartment complexes have inreased more since the time this video was taken. As of now, they cost more than about *_120,000,000 krw/3.3m²_* , which is about *_100k ~ 120k usd/3.3m²_* . Currently, the whole neighborhood is under the plan to reconstruct the apartment complexes. These apartments had the plan to reconstruct ever since the early 2000s, but the South Korean government and the Seoul mayor had been restricting it for a very long time, worrying that it would greatly impact the real-estate market (However, I personally believe that those restrictions eventually ended up being a better decision since the mayor is now retired (he committed suicide back in 2020), the mayor who had been limiting the heights of the houses near the Han river only up to 35 floors, and the president Moon Jae-in, the president who also had been blocking the reconstruction developments, had finished his term). There are several apartment complexes in Apgujeong-dong, built by 3 different companies--Hyundai, Misung, and Hanyang. The prices right now are mostly the land price itself, since the apartments are very old and worn. It is expected that the price of apartments in this neighborhood will eventually rise to *_200,000,000 krw/3.3m²_* when the reconstruction finishes; that is about *_163k ~ 200k usd/3.3m²_* . Apgujeong-dong is a very unique neighborhood in South Korea since no other neighborhoods in South Korea consist only of apartment complexes like Apgujeong-dong. Many famous Korean celebrities are living in/possess the apartment in this neighborhood, including Korea's no.1 show host, Yoo Jae Suk, another famous show host Kang Ho Dong, K-pop boy group Superjunior's Choi Siwon, one of the most famous Korean entertainers Noh Hong Cheol, one of the most famous Korean actresses Kim Hee-ae, and more. You can also see a few singer trainees living in the apartment complex, especially those located on the right side of the neighborhood because the SM entertainment building is nearby.
These apartment complexes being built in Apgujeong-dong marked the start of the development of the Gangnam district, the district in which the Apgujeong-dong neighborhood is located. The center of Seoul and the most populous region in Seoul used to be the Northern side of the Han river until the early 1970s when the Apgujeong-dong apartment complexes started to be built. The northern region of Seoul looked unorganized since it was developed without any specific plans and more and more people came into Seoul to live and work as South Korea's economy grew, so the South Korean government felt the need to increase the population capacity by increasing the boundaries of Seoul, which was to include the Southern side of the Han river. As you might notice by looking at the South Korean map, the Southern side of the river is tidier and divided up equally with straight roads while the Northern side of the river is more curvy and divided into random shapes. Since then, more and more people started to move to the Southern side of the river and Gangnam eventually became the new wealthy region. It has been maintaining its fame until now, and it is believed that it will continue to symbolize wealth in the far future too.
Wow this comment is amazing! Thats for the info
Suho exo home's wow
Oh really? I didn't realize that!😅
Siwon too
@@elenmustika5033 That's right, the French Bulldog case!😥
I'm so satisfied following your exploration to this neighborhood and apartment. Informative narration too. 👍 So enjoyable! Big thanks to you, my friend.
Thanks for taking a walk around this complex with me!😊 You are amazing to read the subtitles!😉 Have a nice day!😉
I like the commentary in your video. Help me learn more about the place. Thanks for sharing. :)
I love taking in walk with you my friend. Thanks for video 💖
I'm happy that you take a walk with me!😊 Have a great day!😉
Very good and informative content keep sharing awesome 😎 ❤️👍
Your praise is cheering me up!😃 Take care!😉
⏹ Amazing experience! Beautiful views, nice walking tour! Thank you for sharing! Greetings from NYC! ✌😀
Thanks for taking a walk around this neighborhood with me!😊 Have a nice day and stay safe!😉
Great Video.
I have enjoyed it very much.
Thumbs up.
Please continue to produce more.
I am looking forward to your next video.
"Like" # 19
Such a nice relaxing walk love the autumn colors thanks for taking us along
I'm glad you enjoyed my video!😊 Take care!😉
Very interesting place and video. Never seen this place. LIKE #26. 👍👍👍👍
I'm so glad you interested my video!😊 Stay safe!😉
Great views from the City high up on a beautiful sunny day. Thanks for sharing 👍
The complex is so huge that I can only see the apartments from a high place!😅 Stay safe!😉
I'm surprised so many rich people live there and the management doesn't even bother to pressure wash or repaint the exterior. Those upper floor concrete bannisters were covered in mold, ew. The paint was chipping on the front of the building by the stairs. Why not do a little upkeep? 11:22 look at all the bird poop and mold! I'd demand more for my money.
You're very shocked by the appearance of dirty apartment!😄 This complex is planning to rebuild, so it's going to break down all the buildings!😊 Most of the houses inside are very luxurious!😉 Thank you for watching my video with interest!😃
They don’t do upkeep because instead they just break down and rebuild the entire building. So people buying these “old” places are hoping that their building is up for redevelopment soon.
I really enjoy walking around fancy neighborhood. Thanks for sharing!
I'm glad you interested my video !😊 Thank you for watching!😉
Very nice neighbourhood. There are many apartments. Like the trees in autumn. Tks for showing around and entering a building.
It took a little courage to get inside someone else's apartment building!😅 Have a good day!😉
I like going to new places with you. It's always such an adventure. Thanks so much for all the traveling without moving from home👍13+🔔 support fom Italy
Welcome to my channel!🤗 The purpose of my channel is to make it easier for people to travel from corner to corner leaning on the sofa!😉 Thanks for watching!😊
Hello my friend
very nice video! Good weekend👍
I'm so happy you enjoyed my video!😊 Take care!😉
예전에 한국 여행때 한국의 주택이 궁금해서 이 근처를 산책했어요.그립습니다.
아침에 가면 대기중이신 운전기사님들 정말 많아요 고급차 많고 특히 대형세단 많죠 태생브터 부촌 클라스
오 그렇군요!😃 아침 일찍 가도 재미있는 풍경들을 많이 볼 수 있겠네요!😊 놀러와 주셔서 감사해요!😉
Nice neigborhood in Korea! My warm greetings from Palma de Mallorca Spain
I'm glad you stopped by!😊 Have a nice day and stay safe!😉
Not me looking where Suho livessss
Someday, I'll try Exo's accommodation too!😉
It’s beautiful though I’m not a fan of towering apartments! Good information from the description. December greetings from Nz. C U
Not all Koreans like apartments!😅 Apartments are popular because they are convenient to live in and the price goes up easily!😊 Thanks for watching!😉
Some of these buildinds looks famiiar to me 😄😉
Oh really? This is the typical Korean apartment in the 1980s!😃
Nice walk and looks like you spent a lot of effort in your research 👍👍
It's rewarding you praise my efforts!😊 Have a good day!😉
It ’s a wonderful cityscape.
Welcome to WP's channel!🤗 Have a nice day!😉
정말 외관이 많이 낡았네요. 여기도 재개발되는군요.
한국은 외부인이 아파트 단지에 마음데로 들어가는게 신기해요.
여기는 사는사람아니면 못들어가는데...
잘보고갑니다~ 좋아요 23
한남더힐이나 유엔빌리지 같은 몇몇 아파트 빼곤 웬만하면 다 오픈되어 있더라고요!😊 압구정 현대도 재건축 되고 나면 외부인 출입금지가 될지도 모르겠네요!😅
Very nice indeed ❤️👍
Thanks for watching!😊
Khu phố ngừoi giàu ở HQ xịn quá c
I'm glad you enjoyed watching the rich neighborhood of Korea!😊
very good walk, interesting place
I'm so glad you enjoyed my video!😊
👍👍
😊👍
Bagaimana keadaan Korea disana teman? sangat menikmati setiap videomu.. ingin rasanya bertukar video denganmu
Terima kasih telah menikmati videoku!🙂 Korea Selatan sekarang melarang pertemuan karena Kosta Rika dan sebagian dari penjualan restoran!😅
Wonderfull ⭐🔥⭐⭐🔥⭐🔥
Thanks for your fierce praise!😅
@@wanderplanet 🎆🎆🎇🎆
are these rental apartments or one can own a unit apartment in the buiding?
These apartments have different owners for different units!😊 People with multiple houses have to pay a lot of taxes, so only one person owns one!😉
너무 재밌게 잘 봣습니다. 80년대 구정초 신구중 구정고 1학년까지 73동에 살았었는데. 제가 초딩때 활동했던 동네 골목 구석구석을 너무나 속시원하게 보여주시네요. 추억여행 너무 잘하고 갑니다. 올해 겨울쯤 한국가게 되믄 저도 한번 구석 구석 둘러보고 영상도 찍으려 합니다.
감사합니다!~
2.8 billion won does not equal $258M (USD). More like $2.3M (USD).
Beautiful for a walk
So glad you enjoyed my video!😊
나는 당신과 함께 걷는 것을 좋아합니다! СПАСИБО!!!!!!!!!!!!!!!!!!!!
Nct lives here
Oh really? I didn't know that!😅
@@wanderplanet i don't know which apartment,but in apgujeong area.. i Saw on Twitter, Sasaeng fans shared it
No. I think their dorm around sj dorm cos kyuhyun shared some bubbles and he said that he saw many nct sasaeng in front of their dorm when he back to his dorm
the building you've walkthrough was a ugly-ass and old looking townhouses, seriously though, this the famous expensive neighborhood? heard suho from exo lived here and everyone was surprised bc apparently its an expensive neighborhood
Although they look shabby from the outside, they are apartments with the best interiors and furnishings!😃 Suho's parents have been living here for decades too! That means Suho grew up in a very wealthy family!😊 Thanks for watching!😉
@@wanderplanet yow thanks for the respond. Are the lay out and floor plans for these building available on the web? Been looking thru google images and i just see some basic looking rooms.
unless Hyundai Residence and Hyundai apartment are totally different buildings
Cyrus Station