The Ministry of Land, Infrastructure and Transport announced on the 30th that it held a real estate new industry roundtable on the 29th at the Government Sejong Complex, with participation from academia, industry, and related organizations, after preparing detailed measures to foster new real estate industries such as PropTech.
According to the plan to foster new real estate industries, the government will first expand the opening of public real estate data. Considering that PropTech services are mainly based on real estate information, the government plans to continuously produce and provide highly demanded information through industry surveys.
The government will also promote the establishment of an integrated system to effectively collect, manage, and utilize information scattered across various institutions and information collected by the private sector. Through a big data map that systematically visualizes diverse information, it will help users easily find the information they want to know.
The government plans to establish a legal basis for real estate electronic contracts, which currently have low usage rates, and to mandate their use starting with contracts with the public sector and contracts requiring public management.
To encourage voluntary use by the private sector, the government will link real estate transaction platforms and electronic contract systems used in the industry to enable convenient use, and plans to expand brokerage fee vouchers that support electronic contracts.
Additionally, the government will create office spaces for PropTech startup companies and others in locations with excellent business environments such as talent recruitment and transportation.
The exclusive office space previously provided at the Korea Real Estate Board Gangnam building will be expanded from 100㎡ to 308㎡ to allow affordable use, and future expansion to Pangyo 2 Valley, Busan, and other locations will be considered based on corporate demand.
A consultative body between new industries and existing industries will be established and operated to prevent the spread of conflicts within the real estate service industry and to discuss win-win solutions.
Measures will also be promoted to secure consumer trust and market transparency to foster and develop the real estate new industry into a sound industry.
Consumer damage compensation regulations will be established for industries requiring management such as real estate sales, and general principles for preventing consumer damage will be prepared.
Three newly recognized industries due to increased interest in real estate investment?real estate consulting, sales, and sales agency?will be legalized, and through this, the status of companies, difficulties, and support needs will be surveyed and utilized for policy formulation.
Kim Hyung-seok, Director of Land Policy at the Ministry of Land, Infrastructure and Transport, said, "We will faithfully implement the newly prepared industry fostering plan so that PropTech and other new real estate industries can provide high-quality real estate services and contribute to the development of the national economy."
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