The most expensive area in Seoul, South Korea as of May 2023 was
Although Gangnam is known as the most bustling district in Seoul, Hannam-dong is the true area for the rich and famous. Top-tier boyband, BTS, famously lived in Hannam The Hill, while BLACKPINK Jennie's family home is located in The House, Hannam.
Nicknamed the Beverly Hills of South Korea, Seoul's Gangnam district gained even more recognition after Korean singer Psy's international hit Gangnam Style was released in 2012. The Cheongdam-dong neighbourhood is a particularly affluent area that's home to a number of celebrities and tycoons.
The Gangnam area, which includes Gangnam-gu, Seocho-gu, Yongsan-gu, and Songpa-gu, is one of the richest neighborhoods in South Korea.
Until 2021, all the 7 BTS members lived together in Hannam, the Hill before they decided to stay in their separate houses. The band moved into the house in November 2017. After leaving Hannam, the BTS members invested in separate homes across Seoul. Thei old house was located in Yongsan-gu, Seoul.
Gangnam is an upscale district, known as the Beverley Hills of Seoul. It's where the rich and famous live and play, and status matters. In the streets you'll find high-end shopping, fancy restaurants, ritzy cocktail bars, beauty shops and plastic surgery clinics.
Daegu is the fourth largest city in South Korea. About 2.4 million people live in Daegu. Of South Korea's 16 cities and provinces, Daegu is the poorest in terms of GDP per capita 2010 at $18,887 according to the IMF.
Itaewon. Itaewon was and continues to be the largest expatriate community in the country. Located near Yongsan Garrison, it has been designated as a special tourist zone. Itaewon is famous for shopping with its diverse range of shops catering to the needs of the foreign community.
Korean top stars like Kim So Hyun and Kpop idols such as BTS Suga choose to live in Hannam-dong, Seoul. There are many to consider before purchasing a place to live, but we can identify these six reasons for their decision to live in Hannam-dong.
In 2023, The Penthouse Cheongdam apartments located in the neighborhood of Cheongdam, Gangnam district, in Seoul was the most expensive apartment in South Korea, with an actual transaction value of around 16.24 billion South Korean won. Nine One Hannam followed with about 9.7 billion South Korean won.
According to a survey conducted in South Korea in 2021, around 34.5 percent of millionaires surveyed stated that households with a minimum annual income of 500 million South Korean won or more can be perceived as rich. The threshold to be considered wealthy increased with the level of wealth of the respondents.
Top 10 cities around the world with the most billionaires
New York City topped the list with 136 billionaires in 2022. The city's uber-rich population lost two people from 2021 to 2022, but it's still the global billionaire capital.
Seoul. As with most countries, South Korea's highest-ranking city for danger tends to be the capital, Seoul. The Jung district specifically has a high crime rate of 377.7 violent crimes per 100,000 people.
The Guryong slum has long been seen as a symbol of the gap between rich and poor in South Korea, Asia's fourth-largest economy. It's part of the wealthy, glittering Gangnam district, made famous by Psy's 2012 song “Gangnam Style” and sometimes called the Beverly Hills of Seoul.
While most tourists visiting South Korea come away with only positive experiences, some are victims of crime. The most common crime tourists are victims of is pickpocketing. Other crimes of opportunity such as bag snatching, and scams also occur.
The main areas for clubs in Seoul are Itaewon, Hongdae and Gangnam. Also, major hotels like the W Hotel and Hyatt Hotel host many parties and events. A lot of big festivals are also held in Korea (UMF Korea, Global Gathering, World DJ festival, Ansan Valley Rock Festival, 5tardium hosted by Heineken, etc...).
Where do expats live in Seoul? They live all over the place, but they tend to gather in the Itaewon (including Gyeonglidan, Haebangchon, Hannam and Yongsan) and Gangnam areas.
The 2,862-square-meter mansion located in Yongsan, central Seoul, was valued at 28.03 billion won ($21.59 million) for 2023, as assessed by the Land Ministry, down 9.8 percent from this year. The 10 most expensive houses in Korea all saw a depreciation in value, but none moved in rank.
High-income bracket (고소득계층/高所得階層) refers to the top one percent of income earners. According to a study by the Korea Labor Institute, wealthy income earners in Korea earn 120 million won a year. Those who are extremely wealthy - or who have earnings in the top 0.1 percent - make an average 360 million won annually.