Kim Jung-jae proposes bill to grant governors real estate data access

National Assembly member Kim Jung-jae of the People Power Party has proposed an amendment to the ‘Act on Report on Real Estate Transactions, etc.’ to grant metropolitan city and provincial governors access to critical real estate data.

Under current law, the Minister of Land, Infrastructure and Transport, as well as mayors and district heads, manage and provide information regarding real estate transaction status, housing lease contracts, foreign real estate acquisitions, and price trends. However, metropolitan governors—who play key roles in designating land transaction permit zones—lack a clear legal basis to receive this comprehensive data.

The proposed amendment seeks to explicitly include ‘city and provincial governors’ as recipients of this information. This change aims to allow local governments to better understand regional market conditions, such as varying transaction volumes and prices, enabling them to implement more effective, customized real estate policies and improve coordination with the central government.