Joo Woo-jae explores the reality of Seoul's 1.6 billion won 'average' apartments

Immediately after news broke that actor Byeon Woo-seok purchased an ultra-luxury residence in Hannam-dong, Seoul, for 13 billion won, model-turned-entertainer Joo Woo-jae, a close friend of the actor, personally toured homes that correspond to the average apartment sale price in Seoul. On one hand, there are ultra-luxury homes far exceeding 10 billion won, while on the other, there are apartments in the 1.6 billion won range that, while labeled as the 'Seoul average,' are by no means ordinary.

In the 'Seoul Average Apartment' special aired on MBC's 'Where Is My Home' on the 10th, Joo Woo-jae, along with SORAN's Ko Young Bae and singer Park Ji-hyun, set out to find actual listings in the Mapo, Seongdong, Eunpyeong, Seocho, and Yeongdeungpo areas as the average apartment sale price in Seoul recently surpassed 1.6 billion won.

The interest in this special lies in the fact that the word 'average' no longer signifies a commoner's or mid-range price point in the Seoul housing market. With the average sale price itself exceeding 1.6 billion won, the broadcast compared on-site what kind of homes can actually be obtained with this amount.

Joo Woo-jae was also caught in another real estate topic. This is because Byeon Woo-seok, who has maintained a friendship with him since his modeling days, was recently reported to have purchased a unit with a dedicated area of 235㎡ in Hannam THE HILL for 13 billion won.

It is reported that Byeon purchased the residence last May and completed the transfer of ownership after paying the balance on the 2nd. While it was speculated that the full 13 billion won purchase price was paid in cash because no collateral mortgage was set on the real estate register, his agency stated that it is difficult to confirm as it is a matter related to privacy.

Hannam THE HILL is a luxury residential complex of 600 units built on the former site of Dankook University in 2011. It is considered a representative ultra-luxury residence featuring large-sized units and spacious landscaping, and has established itself as a symbolic complex in the domestic real estate market with recent transactions exceeding 10 billion won.

Joo Woo-jae, who is close to Byeon, looked into the exact opposite price range this time. The first site visited was an apartment in the 1.5 billion won range in Mapo-dong, Mapo-gu. It was located just a 3-minute walk from Mapo Station and possessed a convenient location for moving to major business districts such as Yeouido, Gwanghwamun, and Yongsan.

A partial view of the Han River was possible from the living room. In particular, it was an apartment where an anecdote about a gold vein being discovered at the construction site during reconstruction was known; a house that traded for 900 million won about two years ago has now risen to the 1.5 billion won range, recording a price increase of about 600 million won.

In Oksu-dong, Seongdong-gu, the price changes of older apartments were checked. Although it was a large complex nearly 40 years old since completion, its location connecting Yongsan and Gangnam and its accessibility to the Han River were cited as strengths. The sale price, which was 1.05 billion won when introduced on 'Where Is My Home' about two years ago, has jumped to the level of 1.79 billion won.

This shows that the rise in Seoul apartment prices is not a phenomenon limited only to new constructions or ultra-luxury residential facilities. Even for older apartments, if they possess locational competitiveness such as proximity to work, transportation, school districts, and Han River views, they can benefit from increases in asset value.

In Nokbeon-dong, Eunpyeong-gu, a large-scale apartment complex with over 1,200 units was introduced. It was characterized as a 'school-adjacent' complex with an elementary school right next to it, and featured rare unit types where only an extremely small portion of the total households have outdoor balconies. The price of this property, which has a supply area of approximately 144㎡ and allows for the use of outdoor space, was 1.57 billion won.

In the Gangnam area of Seoul, the price range rose even more steeply. Joo and his group visited an apartment undergoing reconstruction in Banpo-dong, Seocho-gu, which is close to the express bus terminal, department stores, and large hospitals; the price for a unit that had undergone full remodeling was presented at 3.15 billion won.

This is a price that has more than doubled from approximately 1.3 billion won eight years ago. Although it carries the title of a 'Seoul Average Price' special, it was a case showing how much the perceived value of the number 'average' can differ depending on the region and location even within the same Seoul.

The last site visited was Dangsan-dong, Yeongdeungpo-gu. It was a double-station area apartment located a 3-minute walk from Yeongdeungpo-gu Office Station; although it is a 33-year-old complex, the interior has been fully remodeled. The sale price was 1.65 billion won, closely aligning with the Seoul average sale price.

The fact that the house traded for 900 million won in 2020 also drew attention. With the sale price jumping by more than 700 million won in just a few years, it revealed the reality that even homes called 'average price' in Seoul require significant assets.

Joo has participated in these site visits on 'Where Is My Home' with his characteristic realistic wit and sense of space. Contrary to his professional image as a model, he has played the role of a popular guide in real estate variety shows by analyzing residential flow, practicality, and price-to-efficiency ratios. In this special, it was particularly meaningful to translate the abstract figure of 1.6 billion won into actual apartment sizes, locations, and ages.

Combined with the news of Byeon's 13 billion won purchase of Hannam THE HILL, the gap between celebrity lifestyles and the general Seoul housing market was naturally highlighted. The 13 billion won price tag is approximately eight times the average apartment price in Seoul. Aside from being residential spaces in the same city, they represent entirely different markets in terms of price, demand, and asset character.

Of course, celebrity home purchases cannot be simply compared to the general housing market. Real estate purchases by high-income celebrities are specialized transactions involving asset management, investment, and privacy protection, and the absence of a mortgage on a registry cannot be used to conclude the entire financing structure.

Nevertheless, the question posed by this 'Where Is My Home' special is clear. In an era where the price of an 'average home' in Seoul has surpassed 1.6 billion won, for whom is this number truly average, and what level of living does it represent?

While Hannam THE HILL at 13 billion won is a new living space for Byeon, the 1.5 billion to 1.7 billion won apartments searched by Joo remain an insurmountable economic barrier for many residents in Seoul. The polarization of the Seoul housing market, hidden behind the word 'average,' was simultaneously revealed through celebrity real estate news and variety show explorations.