The story became known of a landlord who left vacant for a year the country's most luxurious officetel, "Lotte World Tower Signiel," which charges more than 50 million won a year in maintenance fees.
A YouTuber who is a former accountant said in a video posted on the 30th on the YouTube channel, "When I asked a landlord of the Lotte World Tower Signiel Residence, they said they did not rent out the home and left it empty for a year." The person added, "It looks like a monthly lease contract was done at 17 million won. If you leave it empty for a year, the opportunity cost alone is roughly 200 million to 300 million won," and "The maintenance fee is 30 million to 40 million won even if you do nothing, and up to 50 million to 60 million won."
The person continued, "Over the past three years, Signiel's price has fallen about 20%, and while other apartments have risen a lot, I think the impact of Jeon Cheong-jo is clearly there." The person went on, "Ultra-high-end products serve as status goods, and in the end it's about image, but too many fraudsters live here," adding, "Because of that, many people who were going to come here likely gave up."
The person also said, "There were people who committed fraud early on, and the Jeon Cheong-jo case hit its peak and definitely affected market prices."
In fact, according to the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system, a 190㎡ (146 pyeong) exclusive unit at Lotte World Tower Signiel Residence changed hands for 6.05 billion won (50th floor) on 4th. Compared with the same area that had a transaction at 8 billion won (47th floor) in Nov. 2022, the price is down 2 billion won.