Seoul Metropolitan Government and KREAA Discuss Strengthening the 'Real Estate Official Price Verification Support Center'

[Financial News] Seoul Metropolitan Government has begun seeking ways to strengthen the role of local governments in improving the transparency and credibility of officially announced real estate prices in partnership with the Korea Real Estate Analysts Association (KREAA).
Seoul Metropolitan Government said on the 28th that it held a policy seminar titled 'Strengthening the Role and Capacity of Local Governments through the Real Estate Official Price Verification Support Center' jointly with KREAA at Seoul City Hall on the 18th. The seminar brought together approximately 190 officials responsible for official price assessments from cities and provinces nationwide, along with real estate experts. It was organized to expand the role of metropolitan and provincial governments in surveying and assessing the prices of standard real estate properties and multi-family housing, while developing a specific operational framework for the verification support center.
The officially announced prices of standard real estate properties and multi-family housing are currently surveyed and assessed under the central government's direction. However, because they serve as foundational data for various administrative systems, including property holding taxes and health insurance premiums, the need for local governments with a detailed understanding of regional conditions to participate in verification has steadily been raised. Since 2022, Seoul Metropolitan Government has analyzed the balance of officially announced prices and shared the findings with the Ministry of Land, Infrastructure and Transport (MOLIT) and autonomous districts. It has also led efforts to enhance the verification system by expanding the number of cities and provinces participating in a pilot research project conducted jointly with MOLIT from one in 2023 to 13 this year.
An amendment to the ACT ON THE PUBLIC ANNOUNCEMENT OF REAL ESTATE VALUES, centered on establishing city and provincial verification support centers, was introduced last December. At the seminar, experts focused on effective operational measures for the centers through thematic presentations and a comprehensive panel discussion.
In the first session, Research Fellow Lee Chi-joo of the research institute and Park Sung-kyu, head of the research lab at the Korea Real Estate Research Institute, presented the expected benefits of verification support centers based on overseas cases and plans to strengthen the roles of cities and provinces at each stage of official price-related work and establish the necessary data. In the ensuing panel discussion, Professor Lee Sang-young of Myongji University chaired a conversation on a specific implementation roadmap, including clarifying the independent verification role at the metropolitan level, easing the survey burden on cities, counties, and districts, and improving property characteristics surveys through the use of AI and digital technologies.
Participants agreed that the successful establishment of verification support centers would require clear legal authority, sufficient professional staff, integrated data sharing, and a pre-verification support system. Based on the views gathered at the seminar and its experience with pilot research, Seoul Metropolitan Government plans to define the functions of the verification support center in greater detail and establish its position as a quality-management hub for officially announced real estate prices.
Kim Chang-gyu, head of Seoul Metropolitan Government's Urban Space Division, said, "This seminar was a meaningful occasion to reaffirm the role and importance of cities and provinces in the process of surveying and assessing officially announced real estate prices." He added, "The city will work closely with relevant institutions, including the Ministry of Land, Infrastructure and Transport and autonomous districts, to firmly establish cooperative governance that enhances the accuracy and credibility of officially announced real estate prices."
[email protected] Jeon Min-kyung Reporter