Shinsegae Group Chief Lee Myeong-hee’s Hannam-dong residence maintained its position as the most expensive house in Korea for eight consecutive years, government data showed Wednesday.

The 2,862-square-meter mansion located in Yongsan, central Seoul, was valued at 28.03 billion won ($21.59 million) for 2023, as assessed by the Land Ministry, down 9.8 percent from this year.

The 10 most expensive houses in Korea all saw a depreciation in value, but none moved in rank.

The government reports declared standard prices for private residences, land and other forms of real estate to be used as a basis for taxation. The 2023 standard prices for houses and land were slashed for the first time since the 2009 housing bubble crisis, by almost 6 percent.

The government said it had also decreased the market price-to-declared price ratio to relieve the burden of real estate holding tax amid falling housing prices and worsening economic conditions.

DL Group Chairman Lee Hae-wook’s Gangnam residence in southern Seoul came second, with a declared value of 18.2 billion won.

A mansion owned by Samsung’s Hoam Foundation nabbed the No. 3 spot with a declared price of 16.8 billion won, while local cosmetics retailer Amorepacific Chairman Suh Kyung-bae’s Itaewon residence took fourth at 16.27 billion won.

Seven out of the top 10 houses were located in Yongsan, while the remaining three were dispersed throughout Gangnam and Seocho-gu in southern Seoul.

Meanwhile, the report also showed that the most expensive plot of land was the site of a Nature Republic cosmetics store in Myeong-dong, central Seoul. The site, which was priced at 174 million won per square meter, has retained its No. 1 position for 20 years.