11th Real Estate Industry Day draws 400 at Seoul ceremony

Awards for industry contributors, donations for flood victims

Policy and academic seminar on AI and digital innovation

The 11th Real Estate Industry Day ceremony is held Wednesday at the Construction Hall in Gangnam-gu, Seoul. [Korea Association of Realtors]

The 11th Real Estate Industry Day ceremony, an annual event dedicated to discussing the direction and vision of South Korea's real estate sector, was held Wednesday at the Construction Hall in Gangnam-gu, Seoul.

The Korea Association of Realtors said more than 400 people attended the event, which was hosted by the Korea Real Estate Economic Organizations Federation and organized by the association. Attendees included senior officials from the Ministry of Land, Infrastructure and Transport, heads of the federation's nine member organizations, proptech entrepreneurs and academic experts.

Real Estate Industry Day is an annual event that began in 2016, following the Ministry of Land, Infrastructure and Transport's announcement of a plan to develop the real estate services sector. This year's ceremony took up the theme "New Value, Real Estate Together: Opening the Future Through Change and Innovation," focusing on the digital transformation of the industry and the challenges ahead.

Kim Jong-ho, chairman of the Korea Real Estate Economic Organizations Federation and president of the Korea Association of Realtors, said in his opening remarks that the real estate industry "is at a historic turning point amid rapidly changing economic conditions and the convergence of advanced digital technologies such as AI and big data." Kim added that the federation would take the lead in proposing policies and improving regulations to enhance transparency and fairness in real estate transactions and to build a foundation for cooperation with new proptech technologies.

Kim Jong-ho, chairman of the Korea Real Estate Economic Organizations Federation and president of the Korea Association of Realtors, delivers his opening remarks. [Korea Association of Realtors]

Shin Yun-geun, director general of land policy at the Ministry of Land, Infrastructure and Transport, said in a congratulatory address that the real estate industry "is evolving beyond simple brokerage, construction and management into a comprehensive service industry integrated with finance, IT and mobility." Shin went on to say that "the government will spare no effort in rationalizing regulations and providing institutional support so that advanced proptech and traditional real estate services can grow together, while building a transparent and safe real estate transaction environment."

The first part of the ceremony featured an awards presentation honoring industry workers who have contributed to improving residential welfare and promoting sound real estate transaction markets. Commendations were presented on behalf of the Speaker of the National Assembly, the chair of the Assembly's Land, Infrastructure and Transport Committee, and the minister of land, infrastructure and transport.

A donation ceremony was also held to support residents affected by flood damage. Funds raised by members of the federation's nine organizations were donated to support communities in Geoje and Tongyeong in South Gyeongsang Province, which were designated special disaster zones after being hit by heavy rains in August.

In the afternoon, a policy and academic seminar was held under the theme "Sustainable Future Development Strategies for the Real Estate Industry in an Era of AI and Digital Innovation." Participants discussed proptech industry trends, measures to promote the real estate services sector, and the development of AI-based real estate data analysis and secure transaction systems.

In the lobby, promotional booths operated by the federation's nine member organizations and technology exhibition booths run by proptech startups were open throughout the event. Industry participants demonstrated new real estate technologies and engaged in business networking.

Meanwhile, the Korea Association of Realtors marked its 40th anniversary in September and officially launched as a statutory organization. The association said it plans to expand its public role and strengthen efforts to establish a sound real estate transaction order following the launch.

shy@heraldcorp.com