Land Ministry on weekly apartment price statistics overhaul: “Experts want adjustments; public wants the figures published”

[Financial News] The Ministry of Land, Infrastructure and Transport said that experts and the public have differing views on overhauling weekly apartment price statistics.
Kim Yeong-guk, director general of the Ministry of Land, Infrastructure and Transport’s Housing and Land Office, explained this on the 15th at a parliamentary audit of the ministry’s affiliated institutions, including the Korea Real Estate Board. He was responding to a question from Democratic Party of Korea lawmaker Lee Yong-seon about plans to overhaul the weekly apartment price statistics.
The ministry said there was a difference of opinion between experts and the public. “Many experts believe the weekly statistics should be adjusted because of limitations in the data,” Kim said. “Our survey found that the public and licensed real estate agents want the statistics to be published.” He added, “We plan to seek further opinions on the Korea Research Institute for Human Settlements’ research findings. Once we have gathered opinions, we will announce [the overhaul plan].”
At last year’s parliamentary audit, the ministry said it was considering options such as continuing the weekly apartment price trend survey while suspending publication, or changing the survey frequency to every other week. It later commissioned the Korea Research Institute for Human Settlements to conduct a related study, but the specific direction of the overhaul has yet to be finalized.
That day, Korea Real Estate Board President Lee Heon-uk acknowledged that surveyors’ judgment inevitably plays a role, in response to questions about the accuracy of the weekly apartment price statistics.
“Even though there are not enough housing transactions in a given week, we still have to determine weekly prices, so surveyors’ professional expertise inevitably comes into play,” Lee explained.
However, he added, “Looking at long-term trends, I believe the statistics are statistically significant compared with the actual transaction price index.”
Lee said that work was also underway to improve the accuracy of the statistics by using artificial intelligence (AI) and other technologies.
“We are working to strengthen external verification and continually refine our statistical methods internally,” he said. “We provide AI-based price estimates so they can be compared.”
Meanwhile, asked about the outlook for the housing market in the Seoul metropolitan area as apartment prices in Seoul have risen for 87 consecutive weeks, Lee said, “The Korea Real Estate Board produces nationally approved weekly and monthly statistics, so it would be inappropriate for us to publicly comment on forecasts.”

[email protected] Jeong Gyeong-su Reporter