Select direct transactions that are lower or higher than the market price
It is possible to check the planning real estate intervention through the location
Open from the end of the year… Including factories and warehouses next year
Real estate transactions starting this month must disclose whether the transaction is between parties or through a real estate broker in the transaction reporting system. The actual transaction price of factories and warehouses will also be disclosed. The Ministry of Land, Infrastructure and Transport announced on the 1st that it would expand the scope of information disclosure related to real estate transactions.
The Ministry of Land, Infrastructure and Transport decided to disclose information so that it can be determined whether a transaction is a direct transaction between the parties or a transaction through a real estate agent. So far, it has not been decided whether or not to trade directly. In general, transactions through a brokerage agency (authorized brokers) are priced at the market price level, but direct transactions between family members and acquaintances are reported at prices that are too high or lower than the market price, so the exact market price was not reflected.
The Ministry of Land, Infrastructure and Transport explained, “After the direct transaction was made, we decided to disclose the detailed transaction types to prevent the side effects of confusion in judging the market price for those who want to make a new transaction near the property, and a decrease in transaction transparency.”
Transactions through a certified real estate agent made the location of the broker open to the city, county, and gu units. Real estate transactions are mostly made at nearby brokerage offices, but there are times when planning real estate or foreign brokerage firms intervene at a specific time or in a specific area. If the location of the brokerage company is disclosed, it is expected that it will be possible to easily check whether or not planning real estate is involved.
However, the disclosure period will start from the end of this year as it has to go through procedures such as improvement of the actual transaction disclosure system. The Ministry of Land, Infrastructure and Transport decided to disclose the actual transaction price of factories and warehouses by next year, following the same procedure as for reporting general real estate transactions. Kim Hyung-seok, director of land policy, said, “By expanding the disclosure of real estate transaction information, it is expected that the public will be able to check more transparent and reliable actual transaction information, and based on this, it will help consumers make rational decisions.”
By Sejong Ryu Chan-hee, senior staff reporter chani@seoul.co.kr
