"Check Jeon-Wolse Information via App"… Seoul City and Private Real Estate Platforms Sign MOU

Agreement on the 5th between 'Dabang·BudongsanR114·BudongsanPlanet'
Leveraging platform capabilities to implement 'Jeon-Wolse market information'
Service to start from January next year…City states "Continuous collaboration with companies"

[Asia Economy Reporter Hwang Seoyul] Starting January next year, information on the jeonse and monthly rent market provided by Seoul City will also be available on three private real estate transaction platforms, including Dabang.

Seoul City announced on the 5th at 10 a.m. that it will sign a "Joint Business Agreement between Seoul City and Three Private Real Estate Transaction Platforms" at the Seosomun 2 Building of Seoul City Hall. The three platforms include Dabang, Real Estate R114, and Real Estate Planet.

This agreement is a memorandum of understanding for the public interest dissemination of the "jeonse and monthly rent market information" provided by the city. It was promoted as private real estate transaction platforms expressed their willingness to actively participate in providing real estate information to stabilize the jeonse and monthly rent market within Seoul. The agreement includes ▲ use of public real estate data for public interest purposes and public promotion of the city's housing policies ▲ joint efforts to establish a safe real estate transaction environment ▲ exchange of real estate-related data and information ▲ contribution to the development of the real estate market.

Source=Seoul City Hall

Starting January next year, the city plans to actively provide jeonse and monthly rent market information through the three private real estate transaction platforms that signed the agreement. Since August, the city has been providing housing market information analyzing actual transaction data of jeonse and monthly rent through "Jeonse and Monthly Rent Information Mongttang" within the "Seoul Housing Portal."

The indicator information commonly provided to the three platforms through this agreement includes ▲ predicted jeonse and monthly rent lease volume information (by legal dong, area, housing type, building age, and large-scale apartment complexes with over 1,000 households) ▲ jeonse price ratio by 25 autonomous districts in the city ▲ and jeonse to monthly rent conversion rate, among others.

The private real estate transaction platforms plan to provide information by leveraging their respective strengths and the advantages of their applications or websites. "Dabang" will display jeonse and monthly rent-related data on various screens such as home and maps within its application, based on high information accessibility and dissemination power.

"Real Estate R114," which has built its own real estate statistics solution (REPS) to provide scientific information, will display Seoul's jeonse and monthly rent data on the map of the property listing page and show cumulative time-series data and charts of jeonse and monthly rent in the city.

"Real Estate Planet," known for its excellent map-based data visualization capabilities, will provide jeonse and monthly rent lease volume in map form. It will also offer specialized services allowing users to select information by region, period, and housing type or check lease volume rankings by region and complex.

The city plans to continue analyzing and updating various market information on Jeonse and Monthly Rent Information Mongttang. Taking this agreement as an opportunity, starting in October, the city will provide the "Housing Market Trend Survey Results" conducted on 431 licensed real estate agents selected as housing market monitoring units within Seoul every month through Jeonse and Monthly Rent Information Mongttang.

Yoo Changsoo, Director of Seoul City's Housing Policy Office, said, "With this agreement, we can utilize excellent private sector capabilities in information dissemination and data visualization to deliver Seoul's jeonse and monthly rent indicator data to citizens in innovative ways." He added, "We will continue to collaborate with private companies and platforms to provide information that citizens want and need through various channels."