The scope of disclosure for actual apartment transaction prices will be expanded from the existing 'floor' to 'building'. Even within the same apartment complex, there can be significant differences in sale and rental prices depending on the building, and this expansion aims to make it easier to check such variations and prevent false transaction reports, thereby managing real estate transactions more transparently.
View of the surrounding apartments from the observatory of the 63 Building in Yeouido, Seoul. / Photo by Hyunmin Kim kimhyun81@
According to related industries and the Ministry of Land, Infrastructure and Transport on the 16th, the Personal Information Protection Commission recently approved the review of the "Request for Legal Interpretation Regarding the Expansion of Disclosure of Actual Transaction Price Information by the Ministry of Land, Infrastructure and Transport," which includes the addition of building information to the apartment actual transaction price disclosure system. Based on this, the Ministry of Land, Infrastructure and Transport is coordinating detailed schedules.
Earlier, starting from July last year, the Ministry required the disclosure of registration dates for actual transaction price information of apartments contracted nationwide within the same year. Currently, the actual transaction price disclosure system provides information such as transaction price and type, exclusive area, year of construction, floor, contract date, and registration date.
The Ministry believes that adding building information to the disclosure scope will enable accurate understanding of real estate market prices and help prevent false transactions. A Ministry official stated, "This is a request that has been made by startups in the proptech industry," adding, "It is currently under review, and specific implementation schedules have not been decided."
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