Factory and Warehouse 'Blind Transactions' End... Actual Transaction Price Data to Be Disclosed

4th Data Strategy Committee to Hold Special Data Meeting on 15th
Discussing Provision Plans for Core Real Estate Unopened Data
Also Discussing Cultural Heritage Digital Transformation Plan

[Asia Economy Reporter Cha Min-young] From now on, actual transaction price data for buildings such as factories and warehouses will be disclosed just like general residential houses. As objective transaction data accumulates, the proptech market utilizing this data is also expected to grow. It is anticipated that 'blind transactions' caused by information asymmetry will decrease. With the disclosure of real estate agent location information, it is also expected to have an effect on cracking down on unauthorized brokerage offices, commonly called 'Tteotdabang'.

The Presidential Committee on the Fourth Industrial Revolution held the 4th Data Special Committee meeting at Seoul Central Post Office on the 15th and announced that it discussed the provision plan for four types of core real estate data that have not been opened.

The 4th Committee discussed plans to additionally open four types of real estate data managed by the Ministry of Land, Infrastructure and Transport: whether the transaction was direct between parties, real estate agent location information, actual transaction price data for buildings such as factories and warehouses, registered rental housing information data, and building floor plan data.

Considering the growth of related private services based on the opening of real estate data so far, the 4th Committee reviewed data opening plans needed by the private sector together with the Ministry of Land, Infrastructure and Transport.

With the opening of real estate data this time, it is expected that private services such as proptech companies utilizing real estate data will develop. Proptech is a compound word of Property and Technology. It is a real estate service that combines technologies such as mobile channels, big data analysis, and VR (virtual reality).

Meanwhile, at the 4th Committee's Data Special Committee meeting, plans for the digital transformation of cultural heritage were also discussed. The Cultural Heritage Administration plans to build a big data platform that collects, accumulates, integrates, and manages all data related to cultural heritage and to open the collected data for use as source materials in cultural industries such as webtoons and games.

They also plan to develop an AI cultural heritage guide called 'Dr. Herry' (tentative name) that explains cultural heritage tailored to the perspectives of various visitors such as children, adolescents, and migrant foreigners.

To resolve inconveniences experienced when the public sector purchases or utilizes private data, a 'Public Sector Private Data Purchase Promotion Plan' supporting data-driven administrative activation was also discussed.

This task will be submitted to the full meeting of the 4th Committee after collecting opinions from ministries and private experts.

Yoon Sung-ro, Chairman of the 4th Committee, said, "Since the launch of the Data Special Committee, tasks that practically help the development of the data industry are being discovered," and added, "We will make data the foundation that provides innovative businesses to the market and customized services to the people."

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