Real Estate Board (REB) received a prize from the Korean government among digital platforms in recognition of its achievements in promoting electronic real estate contracts and opening up public data to private proptech companies.
REB announced on Oct. 23 that it took home the prize in the 2024 E-Bridge Society Autumn Conference held at Sogang University in Seoul.
REB has been working to realize a digital platform government, including linking public MyData and activating electronic contracts.
On Oct. 23, Lee Jae-myeong, head of the Market Management Division at REB poses for a photo after receiving a prize in the 2024 E-Bridge Society Autumn Conference at Sogang University in Seoul.
In particular, REB has expanded the types of contracts linked to real estate electronic contract information related to public MyData to simplify complex processing procedures for real estate transactions to boost user convenience.
REB is continuously discussing efficient measures for non-face-to-face distribution of real estate information data with government departments and financial institutions to facilitate the use of real estate electronic contract information through public MyData.
In addition, REB received the Chairman’s Award of the Presidential Committee on Digital Platform Government in recognition of its contribution to the activation of e-contracts by opening data to private proptech companies and local state-run corporations so that citizens will be able to easily utilize e-contracts and MyData when conducting real estate transactions.
Agreement to Advance Audit Services and Strengthen Internal Control Capabilities
REB announced that it inked a business agreement with Korea Land & Housing Corporation (LH) on Oct. 29 at the REB headquarters to advance audit work and strengthen internal control capabilities.
The deal was initiated by the audit departments of both organizations to strengthen internal control capabilities and internalize the operation of their internal audit organizations by establishing a strong cooperation system for overall audit work.
Through this agreement, the two organizations will expand cooperation channels between the two audit organizations to improve audit expertise, activate exchanges to prevent poor management, share audit techniques and best practices in internal control and provide human resources in specialized fields in audit activities such as cross audits for each other.
REB:Rise of Seoul’s Apartment Prices Slows due to Loan Restrictions
The rise of Seoul's apartment prices slowed for a third week, as loan restrictions’ affects continued.
Seoul apartment prices rose 0.07 percent this week from the previous week, according to a report on the national weekly apartment prices for the first week of November, which was released by Real Estate Board (REB) on Nov. 7.
This marks the 33rd consecutive week of rising apartment prices in Seoul. However, the increase was slightly smaller compared to 0.08 percent in the previous week.
The growth rate of Seoul apartment prices has been slowing for three consecutive weeks, following a 0.11 percent increase in the second week of last month.
By neighborhood, Gangnam (0.18 percent) and Seocho (0.14 percent) maintained their gains from the previous week and still outperformed the average of Seoul. But most other neighborhoods saw their gains shrink.
Songpa dropped by 0.03 percentage points to 0.06 percent, while other popular neighborhoods in downtown Seoul, such as Seongdong (0.16 percent to 0.14 percent), Yongsan (0.13 percent to 0.11 percent), and Mapo (0.12 percent to 0.09 percent), also saw their gains descend.
However, Gwangjin (0.06 percent to 0.08 percent), Yangcheon (0.05 percent to 0.06 percent), Gwanak (0.02 percent to 0.05 percent) and Geumcheon (0.02 percent to 0.04 percent) posted modest increases.
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