'Korea Appraisal Board → Korea Real Estate Board'... A New Start After 51 Years Since Establishment

[Asia Economy Reporter Moon Jiwon] The Korea Real Estate Agency, which conducts real estate investigation and management tasks, has changed its name to "Korea Real Estate Corporation" for the first time in 51 years and was newly launched on the 10th.

The Korea Real Estate Corporation held its inauguration ceremony at its headquarters in Sinseo-dong, Daegu City on the same day. The Korea Real Estate Agency was founded on April 25, 1969, primarily performing appraisal tasks, but since the enactment of the Korea Real Estate Agency Act in September 2016, it has ceased appraisal contracting work and focused on roles such as real estate price disclosure and investigation.

However, the word "appraisal" still remained in the agency's name, causing misunderstandings about its role, and the National Assembly passed a revision bill in the plenary session last May to change the name of the Korea Real Estate Agency.

The Korea Real Estate Corporation will perform tasks such as computerized management of housing and other building subscription applications and providing real estate-related information and consultation. Additionally, the Korea Real Estate Corporation has established a REITs (Real Estate Investment Trusts) Reporting Center and a Lease Dispute Mediation Committee, expanding consumer protection and real estate market management functions. Along with this, it plans to conduct mobile field surveys combining Information and Communication Technology (ICT) and Geographic Information System (GIS) technologies, and to advance the official price disclosure system to improve statistical accuracy.

The Korea Real Estate Corporation will expand the weekly survey sample apartments from 9,400 households to 13,720 households, a 46% increase, and increase the monthly survey sample from 28,360 households to 29,110 households, a 2.6% increase, focusing on creating real estate statistics that more accurately reflect reality.

Kim Hak-gyu, President of the Korea Real Estate Corporation, emphasized, "With the experience and know-how accumulated over the past half-century, we will transform into a specialized real estate platform institution utilizing cutting-edge ICT technology and get one step closer to the public."

Korea Real Estate Board building (Photo by Korea Real Estate Board)

This content was produced with the assistance of AI translation services.