Ahn Taejun of DP Pushes for Mandatory Disclosure of Survey Standards in Real Estate Statistics

Amendment to the Act on the Promotion of the Real Estate Service Industry Proposed

A legislative amendment is being pursued to mandate real estate service providers to publicly disclose key details such as survey subjects, criteria, and scope when offering information like real estate statistics, indicators, and forecasts on online platforms.

On July 27, Ahn Taejun, a member of the National Assembly’s Land, Infrastructure and Transport Committee from the Democratic Party of Korea, announced that he had sponsored a partial amendment bill to the Act on the Promotion of Real Estate Service Industry containing these provisions.

Ahn Taejun, member of the Democratic Party of Korea.

Recently, not only public institutions like the Korea Real Estate Agency but also private real estate service providers have been delivering a range of real estate statistical information—such as data on Seoul apartment supply—through online platforms.

However, some private providers offer only fragmented figures or lists of business sites regarding supply volume statistics or market forecasts, without clearly explaining the specific calculation criteria or survey targets. As a result, there have been growing concerns about the discrepancy between figures announced by public institutions and private statistics, with information lacking clear sources and standards circulating in the market, fueling public anxiety and disrupting market order.

Especially, unlike real estate brokerage or appraisal businesses, the real estate information provision business currently lacks effective management and mandatory regulations, making practical supervision difficult.

The proposed amendment obligates real estate service providers, when offering statistics, indicators, or forecasts, to make efforts to disclose major details—such as survey subjects, calculation criteria, and applicable scope—as specified by the Ministry of Land, Infrastructure and Transport. Additionally, it requires the Minister of Land, Infrastructure and Transport to establish standards to enhance the accuracy of information. The goal is to ensure the transparency of real estate information and provide reliable data, thereby fostering a sound real estate market order.

Ahn Taejun stated, "Although real estate statistical information provided by private companies on online platforms is easily accessible and useful, the lack of clear disclosure regarding calculation criteria and other related details had created limitations in terms of transparency and credibility. By narrowing the gap between public and private statistical information and providing accurate and transparent data to the public, we aim to establish a sound order for real estate transactions."

This content was produced with the assistance of AI translation services.