Jin of BTS reportedly sold his luxury Hannam The Hill apartment in Seoul for 12.7 billion won, netting a profit of 8.21 billion won before South Korea’s new stricter tax rules kicked in. The sale highlights the lucrative real estate market among K-pop stars.
Jin, the eldest member of the global music sensation BTS, is believed to have scored a staggering profit worth millions of dollars by selling one of his luxury homes in Seoul, South Korea, according to Korean media reports. The sale of his property, which he reportedly purchased in 2019 for 4.49 billion Korean won in cash, is particularly grabbing attention due to its timing.
The South Korean singer’s house sale took place days before the Korean government reinstated stricter tax rules for owners of multiple homes in May, according to the Herald Business.
How much did BTS Jin’s house sell for?
South Korean media outlet Herald Business reported that Jin’s 235-square-meter apartment in the upscale Hannam The Hill complex sold for 12.7 billion Korean won ($9.2 million) in April. Based on the original purchase price in 2019, when the BTS member snapped up the mansion, and its sale price in April 2026, the “Astronaut” crooner is estimated to have profited approximately 8.21 billion won over nearly seven years.
Hannam The Hill is located in Hannam-dong (or Hannam), Yongsan District in Seoul. Hannam is regarded as one of the most desirable and wealthiest parts of Seoul, home to countless A-list celebrities and a hub for expats and diplomats, given its proximity to foreign embassies and international schools.
In addition to BTS’ Jin (and other members of the K-pop boy group) owning multiple units in the affluent neighbourhood, other notable residents attracted to Hannam over the years include BLACKPINK’s Jennie, EXO’s Baekhyun, SHINee’s Key, K-drama actor Lee Seung Gi and rapper G-Dragon, according to Mansion Global.
Except for the Hannam The Hill residence Jin reportedly sold in April, he owns two other units within the affluent apartment complex. According to Tatler Asia, he initially completed two home purchases, both in 2019. These were valued at 4.49 billion won and 4.27 billion won. Last year, a third unit was added to his illustrious real estate portfolio, reportedly worth 17.5 billion won, paid entirely in cash.
About South Korea’s stricter tax rules
A four-year suspension of a heavier capital gains tax on multiple-home owners in South Korea expired in May. As a result, an additional levy for owners of two or more homes who sell properties in certain areas was revived after the government temporarily got rid of the heavier tax in 2022 to boost property transactions.
This comes amid the Asian country’s broader efforts to overhaul the housing market, with Finance Minister Koo Yun Cheol noting at a briefing, “Under the principle that a home is a place for living, not an asset for buying, we will rationally reform the real estate tax system so that a housing market centered on actual residence can take root.”
Consequently, the changes brought about in May subjected owners of two homes to an additional 20%, while those with three or more homes have to face an extra 30%.
According to a Korea Herald report, the top effective rate for owners of three or more homes could reach about 82.5% due to the inclusion of the 10% local income tax. Property sellers completing the transfers ahead of the May 9 deadline were exempt from the surtax.