Buy Land Corporation’s Real Estate through Internet

Real estate transaction through on-line is activated more and more. So Korea Land Corporation and big construction companies and others are preparing for the trend including establishing on-line sale systems.

According to Kookmin Bank at 16th, in the 7th common sale of apartments in Seoul, 22.7% of total subscriptions were made through Internet or ARS. This type of subscription shows the highest level up to now.

On-line subscription was introduced first in February of 2002 and the type of subscription was only at 3.5 % in the year. However, as information technology develops, the type of subscription has increased gradually and it exceeded 10% in the last year. In this year, the type has grown in two digit number as following; △in the first common sale, it recorded 13.0% △in the third 15.5% △in the fifth 19.4% △in the sixth 20.8%.

Kim Seung-ho, the Leader of Subscription for House of Korea Financial Telecommunications & Clearing Institute talked “in the future, 20s and 30s who are familiar with Internet will focus on apartment subscription market, and the portion of Internet subscription will be bigger and bigger.”

Therefore, Korea Land Corporation is preparing the Internet system to provide land transaction by itself from October.

Bae Sang-chul, the Senior Manager for Customer Service of Korea Land Corporation talked “ these days, many persons are look for real estate the corporation possesses, and it used to cause traffic jams around sales office whenever it sales the real estate. So the corporation develops this system, and the corporation will practice this system for the sales of Kyunggi Regional Office’s possession.

Posco Construction will select one place out of one-room apartments, commercial & residential complexes or residential apartments scheduled to be sold this last half year in Seoul metropolitan areas and practice its Internet subscription system.

Additionally, Hyundai Construction, Construction Team of Samsung Corporation, LG Construction, and others are preparing Internet system for the subscription and its payment.

Jae-Seong Hwang jsonhng@donga.com