Since he took office in February 2021, president Son Tae-rak of Korea Real Estate Board (REB) has focused on the accuracy of statistics to convey the precise situation of the real estate market.
In an interview with a vernacular economic daily, REB President Son said, “As for weekly price movements of apartments, the subject of people’s much attention, samples have been from 9,400 apartment units across the nation to 32,000 units, an over three-fold jump, and a newly inaugurated verification committee on housing stat indices is in place.”
The 14-member verification committee, comprising of 10 professors and outside experts, holds a quarterly meeting to review appropriateness of surveys.
President Son said surveys of stat users and expertise groups, conducted after the system was overhauled, saw satisfaction points rise and stat quotations increase.
As for foreigners’ rising acquisition of real estate in Korea, President Son said a study on the stats on the production of housing units owned by foreigners is under way.
A pilot project to produce real estate statistics on housing units owned by foreigners will be implemented in the fourth quarter of this year.
As for why REB is not announcing yearly real estate market outlooks, President Son said that prediction models will be overhauled in light of outside uncertainties are significant, such as the COVID-19 pandemic and policy loan interest changes.
The timing of presenting yearly real estate market outlooks is flexible according to market situations, he added.
REB will introduce a visualization stat map service using GIS to enhance the readability of the real estate state information system “R-ONE,” the statistics information website, operate by the board, and an initial application of the visualization statistics map service will be made for commercial real estate statistics in a pilot project in the first half of this year, he said.
A view of a visualization state map service using GIS, to be introduced by Korea Real Estate Board.
REB will aggressively support the management of the real estate market and its policies, President Son said.
President Son said REB has built a house integration information analysis system, which is essential for upgrading house market analysis, in cooperation with the Korea Research Institute for Human Settlements (KRIHS) and LH, and it is to be test-operated soon.
The upcoming system will automatically compile portal information from 11 government ministries, including the Ministry of the Interior and Safety and the Statistics Korea (KOSTAT) as well as five institutions, including the Bank of Korea, before analyzing and supplying real estate information.
REB plans to upgrade the house supply statistics information system “HIS,” which the board took over from LH in January, he said.
Contracts that lower prices and transfer real estate in illegal methods have been divulged, and REB will continue to reinforce the monitoring of abnormal real estate transactions, he said.
_손태락사장.jpg)
