REB: Korea Real Estate Board

Name of statistics

Officetel Price Trend Survey

First year of preparation

2018

Type of statistics

Survey statistics^*

Legal Basis

• Approval number of national statistics : No. 408002
• Approval date of national statistics : December 27, 2017
• Articles 88 and 89 of the Housing Act and Article 91 of the Enforcement Decree of the same Act.

Purpose of Survey

To survey selling, charter, and monthly prices of officetels; to measure the situation of housing-alternative markets and changes in residential types; and to provide monthly rental market judgment indexes or reference data for the establishment of policies based on the profit rate.

Survey Cycle

Monthly

Objects

Officetel

Range of Survey

2,000 officetels

Survey Unit

• Regional: Total of 9 si/do including capital metropolitan areas (Seoul^*, Incheon, and Gyeonggi), provincial metropolitan cities (Busan, Daegu, Gwangju, Daejeon, and Ulsan), and Sejong City.
  * Seoul residential zones: Downtown areas (Jongno, Jung, and Yongsan); Southeast (Seocho, Gangnam, Songpa, and Gangdong); Northeast (Seongdong, Gwangjin, Dongdaemun, Jungnang, Seongbuk, Gangbuk, Dobong, and Nowon); Southwest (Yangcheon, Gangseo, Guro, Geumcheon, Yeongdeungpo, Dongjak, and Gwanak); and Northwest (Eunpyeong, Seodaemun, and Mapo).
• By scale : Divided by scale into 4 groups; ≤40m² / >40m² ≤60m²/ >60m² ≤85m² / >85m²
• In the case of Sejong City, the survey was conducted for ≤40㎡/ >40㎡ ≤60㎡]only, and Sejong[>40㎡ ≤60㎡]and Daegu[>85㎡]had fewer than 10 samples, respectively. The results of the survey were not officially announced due to the difficulty in establishing the “representativeness” of the populations concerned.

Survey Areas

9 si/do (capital metropolitan areas, provincial metropolitan cities, and Sejong-si)

Survey Method

The prices of the samples are appraised based on various types of price information, such as the actual transaction prices, based on field surveys and the monitored prices of cooperative brokerages.

Survey System

• STEP01

  Ministry of Land, Infrastructure and Transport

  (Requesting survey/appraisal)

• STEP02

  REB

  (Performance of survey/appraisal and preparation of statistics)

Survey period

Corresponding month

Reference time of survey

1st of the next month

Survey period

Five days before/after the last day of the corresponding month, including the last day. (However, if the last day of the corresponding month is a holiday, then 5 days before/after the first day of the next month including the first day).

Main History

• Jun. 2016 : Completed research on the method of preparing the Officetel Value Trend Survey.^*
  * Method of sample design and value index preparation for the Officetel Value Trend Survey (The Korean Association for Survey Research, January - June 2016).
• Oct. 2016 : Conducted a model survey of officetel price trends (continued on a monthly basis).
• Dec.2017 : Obtained approval of the preparation of statistics from Statistics Korea (December 27, 2017, Approval No.: No. 408002).
• Jan. 2018 : Officially announced the statistics of the Officetel Value Trend Survey.
• Jun. 2020 : Increased and redesigned the samples (1,500 →2,000).
• Jul. 2020 : Approved the amendment concerning the preparation of statistics (Statistics Korea, Notification No. 2020-244).
• Jun. 2021 : Amended the base date of the survey (Monday of the week containing the 15th of each month →1st of the next month)
• Jun. 2021 : Approved the amendment concerning the preparation of statistics (Statistics Korea, Notification No. 2021-203).