Won Hee-ryong "Efforts to Open Various High-Quality Data Including Real Estate Transaction Prices"

On the morning of the 28th, the "1st Ministry of Land, Infrastructure and Transport - Startup - Youth Foundation Coffee Chat" event is taking place at the Gwanghwamun Youth Foundation.

On the 28th, Won Hee-ryong, Minister of Land, Infrastructure and Transport, met with real estate-related startup companies and said, "Securing usable data is essential for the development of proptech, so we will strive to open up a wider variety of high-quality public data reflecting industry demands."

Minister Won made this remark while holding the '1st Ministry of Land, Infrastructure and Transport - Startup - Youth Foundation Coffee Chat' event at the Gwanghwamun Youth Foundation in the morning, announcing regulatory innovation in the proptech sector.

The Coffee Chat event was organized as an opportunity for the Minister of Land, Infrastructure and Transport, startup representatives, prospective entrepreneurs, and youth to meet directly, share their experiences freely over tea, and exchange diverse opinions on new industries in the land and transportation sector. Proptech was the theme of the first event.

Proptech is a compound word of property and technology, referring to real estate services that combine advanced information technologies (IT) such as artificial intelligence (AI), big data, and blockchain.

Startup representatives attending the event requested the opening of real estate-related data, deregulation, and government support.

Regarding regulatory innovation, there was an opinion that "Currently, real estate businesses are excluded from support under laws such as the 'One-person Creative Enterprise Promotion Act,' making it difficult for many small-scale proptech startups to receive support."

Regarding data opening, there was also a demand that "To reduce the costs involved in startups acquiring and processing data, it is necessary to expand the opening of public data such as actual transaction price information managed by the government."

Minister Won responded, "We will actively consult with related ministries to ensure that real estate businesses, including proptech, are not excluded from government support due to negative perceptions such as real estate speculation."

Meanwhile, the Ministry of Land, Infrastructure and Transport plans to hold this event biweekly with different themes instead of it being a one-time event. Minister Won said, "Following proptech, I will communicate with startups in various fields such as mobility, digital twin, and smart construction," adding, "We will achieve practical institutional improvements reflecting voices from the field to revitalize the land and transportation startup ecosystem."

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