Korea's real estate industry pledged a fresh leap by combining artificial intelligence (AI), big data, and other advanced technologies.
About 400 people, including officials from the Ministry of Land, Infrastructure and Transport, as well as academia, research institutes, and industry, attended a ceremony marking the 11th Real Estate Industry Day at the Construction Association Hall in Gangnam District, Seoul, on the 11th to share a vision for the future.
This year's event was hosted by the Korea Real Estate Economic Organizations Federation and organized by the Korea Association of Realtors(KAR).
Member groups include: ▲Korea Association of Realtors(KAR) ▲Korea REITs Association ▲Korea Developers Association ▲Korea Association of Property Appraisers ▲Korea Real Estate Marketing Association ▲Korea Association of Housing Managers ▲Korea Housing Management Association ▲Korea Real Estate Leasing and Operations Association ▲Korea Building Association.
Experts at the venue agreed that as economic uncertainty and technological change hit simultaneously, the real estate market must move beyond simple sales and lease brokerage and urgently secure new growth engines by adopting new technologies.
In opening remarks, Kim Jong-ho, president of the Korea Real Estate Economic Organizations Federation and head of the Korea Association of Realtors(KAR), called this a major transition period where the economy and advanced information technology are rapidly converging, and urged 110,000 licensed brokers and nine member groups to serve as a solid pillar of the national economy through strong unity.
"We will lead the way in policy proposals and institutional improvements so we can firmly protect people's property rights by ensuring transparency and fairness in the real estate market, and build a win-win ecosystem with new proptech to pass on a sustainable industrial environment to future generations," Kim said.
The government also pledged policy support in line with the shifting paradigm of the real estate services industry.
Shin Yun-geun, director-general for land policy at the Ministry of Land, Infrastructure and Transport, said, "The real estate industry is evolving into a comprehensive services sector that goes beyond simple brokerage, construction, and management to combine with finance, IT, and mobility," adding, "The government will spare no efforts to create a transparent and safe real estate transaction environment and to
support regulatory rationalization and institutional measures so advanced proptech and traditional real estate services can thrive together."
In the first session, the event presented Commendations for Contributions to the Development of the Real Estate Industry to on-site professionals who helped improve housing welfare, stabilize the real estate trading market, and drive technical innovation, conferring awards from the National Assembly speaker, the Land, Infrastructure and Transport Committee chair, and the land minister.
The federation also delivered donations collected from its members to support special disaster zones such as Geoje and Tongyeong, which suffered heavy flood damage in August, fulfilling its social responsibility.
A policy and academic seminar followed under the theme, "Sustainable future development strategies for the real estate industry in an AI and digital innovation environment." Scholars and industry experts gave presentations and held in-depth discussions on proptech industry trends, policy…
