In 2009, a house being built for Shinsegae Group Chairwoman Lee Myung-hee in Seoul's Hannam-dong was cut from two stories to one. It stood in front of the home of Booyoung Group Chairman Lee Joong-keun, who had won an order halting construction on the grounds that it would block his view of the Han River. Seventeen years later, when a two-story house for Meritz Financial Group Chairman Cho Jung-ho went up right next door, Lee again applied for a construction halt. This time the court rejected the request at first instance, ruling that the existing home's view would be partly obstructed but not entirely blocked, and that the lot directly in front of it remained vacant. On appeal, Lee also requested an on-site inspection to verify the height of the new house, but the court declined, saying photographs and video were sufficient.
How much of the Han River fits in the window shows up in home prices, too. This year, four units of 84 square meters on the 20th floor of the same building at Acro River Park in Banpo carried official assessed values ranging from 3.934 billion won to 4.669 billion won, because the angle and breadth of the river view differ from unit to unit. Four units on the third floor of the same building, with no river view, were all assessed at 3.613 billion won — as much as about 1 billion won lower. A 2023 study of the complex likewise found that homes with a full frontal view sold for 13.4% more than those without one. That is why builders tout the number of units with a Han River view when competing for rebuilding contracts. The floor area may be identical, but the width of the river framed in the living room window is not. That is why people go to court to protect what lies outside it.
President Lee Jae-myung said recently that "the invincibility of Gangnam, the republic of real estate speculation, will soon be a thing of the past." Speculative demand should be curbed. Yet homes that combine a Han River view with transit, schools, jobs and new construction are rare. Regulation may rein in speculation, but it cannot erase the desire to live in a good location. The front row along the river cannot be expanded, but more livable homes can be built around it. Neighborhoods with jobs, schools and transit need to multiply outside Gangnam as well. Only when people have places they would willingly choose will demand concentrated in a few areas spread out. We cannot build another Han River, but surely we can build more neighborhoods where people want to live.
