Korea Real Estate Board first MOLIT-affiliated agency to earn 'AI international standard' certification

[Financial News] The Korea Real Estate Board’s system for calculating weekly market prices for apartments and officetels nationwide using artificial intelligence (AI) has met international standards. It is the first agency affiliated with the Ministry of Land, Infrastructure and Transport (MOLIT) to receive this certification. The board has established verification and security procedures to prevent AI algorithmic distortions, data errors and information leaks in advance.
According to the Korea Real Estate Board on the 16th, it obtained certification under the International Standard for Artificial Intelligence Management Systems (ISO/IEC 42001) on the 13th. The award ceremony was held at the headquarters of Korea Management Registrar (KMR), and the board was represented by Vice President Kim Dae-hwan.
ISO/IEC 42001, jointly developed by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC), is the first international standard in the field of AI. It was established in December 2023. The certification is awarded after assessing whether an organization systematically identifies and manages potential algorithm malfunctions and security threats arising from its adoption and operation of AI. In South Korea, the Human Resources Development Service of Korea, an agency under the Ministry of Employment and Labor, received the certification in March this year, and was reported to be the first public institution to do so. Samsung SDS and others have received it in the private sector. The Korea Real Estate Board sees the certification as recognition of its rigorous AI management system as an institution that handles large volumes of national real estate data.
Risk management was a particular focus for the Korea Real Estate Board. When processing vast amounts of data, algorithms can become distorted or errors can creep into the data. The board has institutionalized verification procedures to filter out such issues in advance. It has strengthened its security environment to prevent data from leaking externally and established processes to identify risks. The board presented this as a model for the “safe and controllable use of artificial intelligence (AI).”
The AI market-price estimates cover approximately 16 million apartment units and 1.2 million officetels. The Korea Real Estate Board combines large volumes of real estate data with machine-learning models and comparable-case models to calculate weekly sale prices and jeonse prices for these homes. The resulting figures serve as basic data for official price announcements and statistical compilation, and their accuracy is continually improved through verification by survey staff.
These market prices are also featured in the Safe Jeonse app through cooperation with MOLIT and the Korea Housing & Urban Guarantee Corporation (HUG). The figures are being used in practice to help prevent jeonse fraud and promote housing stability for tenants. MOLIT launched the Safe Jeonse app in February 2023 as one of its measures to combat jeonse fraud. At launch, users could check market prices only for row houses and multi-family homes in the Seoul metropolitan area and small apartment complexes with fewer than 50 households. Plans were also announced to expand coverage to officetels and major cities outside the capital region. Since victims of jeonse fraud have been concentrated in villas and other homes whose market prices are difficult to determine, the accuracy of the market-price information in the app is directly linked to tenant protection.
Lee Heon-uk, president of the Korea Real Estate Board, said, “Real estate prices calculated using artificial intelligence (AI) technology not only support the public’s diverse real estate activities but also contribute to the development of industries related to real estate information technology, making it important to ensure stability and reliability.” He added, “Building on this international-standard certification, the first earned by an agency affiliated with MOLIT, we will continue to provide transparent and fair real estate services that the public can trust, and take the lead in strengthening our international standing as a national institution for real estate policy infrastructure.”

[email protected] Jeong Gyeong-su Reporter