Korea Real Estate Board wins Deputy Prime Minister’s Award in public institution innovation challenge for ‘AI price estimates’
- Input
- 2026-10-28 15:40:08
- Updated
- 2026-10-28 15:40:08
The Korea Real Estate Board said it received the Deputy Prime Minister’s Award in the ‘Public Institution AI Innovation Challenge’ at the ‘2026 Public Institution AI Innovation Performance Awards,’ held at Nurikkum Square in Sangam, Seoul, on the 28th.
The Ministry of Finance and Economy and the Ministry of Science and ICT hosted the event, which drew 316 teams from public institutions. The Korea Real Estate Board received high marks in the written and presentation evaluations for its project, ‘AI Price Estimates: The Start of Public Trust and Innovation in Real Estate Information.’
The award-winning project, ‘Korea Real Estate Board–Artificial Intelligence (REB-AI) Price Estimates,’ is a technology that combines real estate data with machine learning and a comparable-property model to automatically calculate prices. Five related patents have been registered.
Each week, it calculates sale and jeonse prices for about 16 million apartment units and 1.2 million officetels, using them in key functions such as official price assessments and statistics. It also provides information to the Safe Jeonse app of the Ministry of Land, Infrastructure and Transport (MOLIT) and Korea Housing & Urban Guarantee Corporation (HUG), helping users check a reasonable market price before signing a contract.
Lee Heon-uk, president of the Korea Real Estate Board, said, “With this award as an opportunity, we will make broader use of artificial intelligence (AI) across real estate assessments and statistics to protect real estate consumers and faithfully fulfill our role as a national institution for real estate policy infrastructure.”
[email protected] Choi Ga-young Reporter