Byeon Chang-heum "Fundamental Reform Needed for Current Real Estate Statistics"

Minister of Land, Infrastructure and Transport nominee Byeon Chang-heum is attending the confirmation hearing held at the National Assembly on the 23rd, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lee Chun-hee] Byun Chang-heum, the nominee for Minister of Land, Infrastructure and Transport, hinted at a fundamental overhaul of the Housing Price Trend Survey conducted by the Korea Real Estate Board, which is currently recognized as the only government-approved real estate-related statistic.

On the 23rd, during the confirmation hearing for the Minister of Land, Infrastructure and Transport held at the National Assembly, Byun responded to a question from Park Young-soon, a member of the Democratic Party of Korea, who asked, "Real estate statistical errors are considered one of the causes of the current real estate problems. What efforts and measures will you take to secure statistics that accurately reflect reality?" Byun said, "I think a fundamental overhaul of the system is necessary."

Byun stated, "To diagnose problems, we must accurately understand reality," adding, "Statistics are a compressed understanding of reality." However, he diagnosed the problem by saying, "The current housing statistics are too delayed to reflect reality, and since measures require several months of accumulated statistics, the speed is slow."

In response, Byun expressed his intention to improve by saying, "A fundamental overhaul of the (real estate statistics) system is necessary so that market prices and values can be adopted immediately." He answered that although the current Housing Price Trend Survey by the Korea Real Estate Board "is the only government-approved statistic, the population unit is too small and the speed is too slow," and that "it will be improved through significant investment and research."

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