Hannam New Town: A 23-Year High-Stakes Race Next to the '200 Million Won per Pyeong' Nine One

Hannam New Town, an aging villa district in Yongsan-gu, Seoul, has recently become one of the hottest search topics in the real estate market. On October 6, 2026, data from the Korea Real Estate Board revealed that prices at the nearby ultra-luxury complex, Nine One Hannam, surpassed 200 million won per pyeong as of September 28. This milestone has refocused attention on the value of the surrounding areas. With Hannam District 3 passing the Seoul Metropolitan Government's integrated review on September 15 and preparing to break ground before the end of the year, and District 5 opening member pre-sales from October 6 to November 9, key areas of Hannam New Town have entered a full-scale development race after 23 years, fueling public curiosity.

The Signal from Next Door: 'Nine One Hannam' Breaks the 200 Million Won per Pyeong Barrier

To understand the sudden intense focus on Hannam New Town, one must look at the shocking real estate news coming from the neighborhood right next door. According to data released by the Korea Real Estate Board on October 6, 2026, the market price of Nine One Hannam—a representative ultra-luxury complex in Hannam-dong, Yongsan-gu—exceeded 200 million won per pyeong as of September 28. This marks the first time in domestic apartment history that prices have crossed the 200 million won-per-pyeong threshold.

Hannam-dong has effectively taken the top spot, surpassing prestigious high-end complexes that were long considered symbols of Korean wealth, such as Acro River Park in Banpo-dong, Gangnam-gu, and Acro Seoul Forest in Seongsu-dong, Seongdong-gu. In fact, on August 27, a 273㎡ unit at Nine One Hannam sold for 26.3 billion won, setting a new record for the highest apartment price in history. It was a moment where the unique value of Hannam-dong’s location was proven through the price tags in the league of the wealthy.

This price surge in the neighboring area doesn't end as a 'league of their own.' It provides a massive psychological anchor for the residents of Hannam New Town and prospective buyers who have been preparing for a major overhaul of the area for 23 years. The market is strongly stimulated by the expectation that if this aging villa district is replaced by a luxury residential town comparable to Nine One Hannam, its future value will converge to at least this level.

District 3 Sets Groundbreaking for Year-End, District 5 Begins Member Pre-Sales

Seemingly spurred by the relentless rise of nearby complexes, the Hannam New Town development project is also seeing its most significant acceleration since it was designated a district in 2003, some 23 years ago. Large-scale redevelopment plans that were once just talk have finally entered a stage of physical execution.

Leading the charge is Hannam District 3, the largest in scale. Having passed the Seoul Metropolitan Government's integrated review on September 15, District 3 is currently in the final stages of demolition and is scheduled to begin full-scale construction by the end of this year. It is now ready to transform from a dense collection of old housing into a large-scale modern complex.

Hannam District 5 is following closely. In the district where DL E&C's Acro Hannam is expected to be built, the official member pre-sales—where members apply for specific apartment unit types—began on October 6 and will continue through November 9. This signals that development plans, long limited to blueprints on paper, are now becoming the concrete reality of individual home ownership for members.

The Reality Where 1 Billion Won Red-Brick Villas Now Cost 4 Billion Won

As the project races toward its final destination, a dramatic reassessment of asset value is taking place on the ground. According to reports from the Korea Economic Daily, aging red-brick villas in the Hannam-dong area, which previously traded for around 1 billion won, have transformed into ultra-luxury assets with asking and proposed transaction prices well over 4 billion won. With the blueprint for a luxury residential town of about 12,000 units now taking shape, a single villa in an old alleyway is being treated as one of Seoul's most valuable assets.

However, behind this feverish heat, there is also the dark side of polarization as the barrier to entry becomes too high. Between the skyrocketing sale prices and the heavy future project contribution fees, the scale of required capital is daunting. The structure inevitably favors a tiny minority of asset holders who can front the billions of won in initial investment entirely in cash. This is why analysts are expressing concern that the opportunity for wealth accumulation through development is being strictly concentrated in the hands of a cash-rich few.

Key Points to Watch in Hannam New Town

Hannam New Town represents more than just the improvement of aging residential areas; it is a symbolic turning point that shifts Seoul's map of affluence from being Gangnam-centric to including the Yongsan area along the Han River. After a long 23-year wait since the district was designated in 2003, it is finally witnessing physical changes.

The most immediate indicator the market will look at is the result of the member pre-sales for Hannam District 5, which run through November 9, 2026. This data will objectively gauge the perceived enthusiasm and preference for the Hannam-dong development. Additionally, a core point to watch is whether Hannam District 3—which passed the Seoul integrated review on September 15 and is in the final stages of demolition—can proceed with its plan to break ground by the end of the year.

However, as the pace accelerates, realistic hurdles must also be monitored. Behind the steep rise in prices lie sky-high construction costs and the massive financial contributions each member must bear. As the burden of financing grows, concerns about the polarization between original members and newly arriving asset holders are deepening. As we face this race at the end of a long wait, the true test of what precedent this will set for Seoul's ultra-luxury real estate market has only just begun.

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