Minister Kim Yun-duk of the Ministry of Land, Infrastructure and Transport said on the 23rd, "I hope the brokerage industry will also cooperate so that we can enhance transparency and trust in real estate transactions."
The Minister stated accordingly at a meeting with the brokerage industry held on the afternoon of the same day at the National Land Development Exhibit Hall in Jeong-dong, Seoul. At the event, there was an exchange of opinions on the brokerage industry's role and response plans following recent measures to stabilize the dwellings market.
The Ministry of Land, Infrastructure and Transport (MOLIT) and the brokerage industry also discussed ways to revitalize the brokerage market at the meeting. The brokerage industry proposed rationalizing fines and measures to prevent excessive competition among brokers to invigorate the brokerage market. It also appealed about the difficulties faced broadly across real estate-related sectors, including brokerage.
The Minister emphasized, "As much as we fully understand the difficulties facing the brokerage industry, we will actively improve unreasonable systems so the brokerage market can regain vitality."
At the same time, the Minister promised, "We will continue to support real estate brokerage so it can develop into a comprehensive real estate services industry by combining with new technologies such as artificial intelligence and big data."