Korea's most expensive officetels are concentrated in Cheongdam-dong in Seoul's upscale Gangnam district. Officetels are used for either office or living space.
According to Statistics Korea data released on Thursday, the most expensive officetel was Pien Polus in Cheongdam-dong at W4.99 million per sq. m. in terms of standard market price estimates for 2013.
The second and third most expensive are also in the area. They are the Sangji Ritzville Caelum 3rd Complex at W4.51 million and Nature Poem at W4.36 million.
The properties are expensive because they are large and built with imported luxury materials, and because Gangnam land prices are high.
Amid a property slump, the price of commercial real estate has dropped but officetel prices are still rising due to growing demand, Statistics Korea explained.
Meanwhile, Seoul's Sindang-dong has the most expensive commercial real estate. The Cheong Pyeonghwa Market in Sindang-dong is the most expensive at an estimate of W15.1 million per sq. m. It was followed by Sin Pyeonghwa Fashion Town at W13.96 million and Cheil Pyeonghwa Market 1st Complex at W12.96 million, both in the same area.
Standard market prices are used for transfer, inheritance, and gift tax purposes when it is difficult to check transacted prices or measure real market value.
Prices effective on Sept. 1 this year were set as standard market price estimates for 2013. They reflect 80 percent of the real market value.