Disclosure of Direct Real Estate Transactions Ahead... Helping to Identify Appropriate Market Prices

(Data provided by the Ministry of Land, Infrastructure and Transport)

The Ministry of Land, Infrastructure and Transport will additionally disclose whether a real estate transaction was conducted directly and the location information of the licensed real estate agent involved in the transaction on the actual transaction price disclosure system.

The Ministry announced that starting from transactions concluded on the 1st, information on whether the transaction was direct and the location of the agent (city, county, district) will be added to the actual transaction price disclosure system.

This is a follow-up measure following the resolution of the Data Special Committee within the 4th Industrial Revolution Committee under the President, held on June 15.

The committee and the Ministry previously discussed additional disclosure of information beyond the currently disclosed actual transaction price data to enhance transparency in real estate transactions.

Accordingly, information on whether the transaction was direct, the location of the licensed real estate agent who mediated the transaction, and actual transaction prices of factories and warehouses will be additionally disclosed going forward.

Until now, only the transaction date and price were disclosed, making it difficult to verify whether the transaction was direct. In cases of direct transactions, prices were often excessively high or low compared to transactions mediated by agents.

With the disclosure of whether a transaction was direct, it is expected to help consumers better understand appropriate market prices.

Considering various circumstances such as system improvements, the disclosure schedule is set as follows: information on direct transactions and agent locations by the end of this year, and actual transaction prices of factories and warehouses by the second half of next year.

The newly added information will apply to contracts concluded from this date onward. When transaction parties (individuals or licensed agents) report transaction details to the reporting authority or through the actual transaction price disclosure system, the information is usually disclosed on the system the day after the report.

Kim Hyung-seok, Director of Land Policy at the Ministry, said, "The expansion of disclosure targets aims to provide the public with more transparent and reliable real estate actual transaction information," adding, "we expect this to help the public make more rational decisions when engaging in real estate transactions."

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