Rapper and producer Zico has made headlines with the soaring value of a building he owns in Seongsu-dong, Seoul. According to a January 17 report from News1, citing real estate agency Building Road, the property’s value has surged by approximately ₩5.2 billion over eight years.
Zico purchased the building in February 2018 under his own name for ₩4.8 billion. Including acquisition tax and agency fees, the total purchase cost was estimated at ₩5.1 billion. At the time of purchase, he reportedly took out a loan of around ₩3 billion, with official records showing a maximum secured claim of ₩3.6 billion—a figure typically 120% of the actual loan amount.
The building, located just a 3-minute walk from Ttukseom Station on Subway Line 2, is situated in a quasi-industrial area. It spans five stories, including a basement, with a total floor area of 890.1 square meters (approx. 260 pyeong). The basement and first floor are used for retail purposes, while floors two through four are leased as office space.
Originally built in 1987, the property underwent remodeling in 2014, resulting in well-maintained interior and exterior conditions. Its prime location and accessibility have made it a desirable asset.
Currently, the property’s market value is estimated at around ₩11 billion, reflecting a price gain of roughly ₩5.2 billion compared to the purchase cost.
Real estate expert Kim Kyung-hyun from Building Road commented, “A nearby building of a similar vintage recently sold for about ₩110 million per pyeong. Based on a land area of 100 pyeong, the estimated value of Zico’s building is about ₩11 billion.”
Interestingly, the building located across the street once belonged to actor Kim Min-jun, who purchased it in 2015 for ₩1.32 billion and sold it in 2019 for ₩2.04 billion, realizing a profit of ₩720 million over four years.
Kim Kyung-hyun added, “Though the purchase price was considered slightly above market rate at the time, it appears Zico approached it as a long-term investment. The scarcity of comparable transactions in the area likely influenced his decision.”
Sources: Nate
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