Korea Association of Property Appraisers / President Soongu Kim

“A certified public appraiser is a person who protects property rights of the people through which the person contributes to national benefits. The person must serve social role and responsibility given by the authorities of interest. As a certified public appraiser serve for happiness of the people, I, Soongu Kim, President of the Korea Association of Property Appraisers, will do my very best for all certified public appraisers in South Korea to serve the people and the nation.” 

What are certified public appraisers?

A certified public appraiser appraises value of properties such as real estate, construction machines, ships, patents and trademarks, etc and appraises their value into price. Although the job is relatively less known to the public compared to qualified accountants, architects, planners and real estate agents, the role of certified appraisers are significant in terms of their effect on national economy. 

What is the Korea Association of Property Appraisers?

The Korea Association of Property Appraisers is a legal organization under the protection of the Ministry of Land, Infrastructure and Transport based on the Article 33 of the Appraisal and Assessment and Appraisers Act. The association was established in 1989 with goals to protect property of the people and to contribute to national economy. Of around 5,000 appraisers, 4,100 are active members of the association through 14 regional branches, and 13 large and 16 small and medium corporate bodies. The foundation for certified public appraisers was brought up in 1969 followed by the certified public land appraisers in 1972 and the two become one in 1989 under the collective title of the current ‘certified public appraisers’. 

We serve for happiness of the people
We protect properties of the people
We add values to national status
We fulfill our social roles and responsibilities

The association celebrated 30th birthday last year and declared a vision for the next 30 years on December 6. “It is truly delightful that we finally have our own 6 storey headquarter building. It will serve as the monument of our history and achievement for the last 30 years and it is meaningful as we now have our own training spaces on the first and the second floors of the building” said Kim in his congratulatory speech.

The core contents of the vision are 1) fulfilling happiness of the people 2) protection of properties of the people 3) adding values to national status 4) creating social roles of certified public appraisers 5) gathering and processing real estate information and data for the people 6) publishing information, data and materials. “We will also be working on introducing Public Appraisers Day which we hope to be on July 1, the day the Land Price Disclosure Law was introduced in South Korea in 1989.”

What do they do?

4 values apply in terms of land and property taxes: 1) appraised value of land 2) compensation 3) valuation of mortgage property 4) auction appraisal. Currently, certified public appraisers carry out their work when it is involved inheritance and transfer of properties. But the market price takes the job instead when it comes to individual properties of the people. 

“I think this must be revised. In other words, we also should take care of the latter case. This is because the real estate market has a lot of specifics so we should bring up appropriate price. This way, the market can have guides to follow and to avoid confusion and conflicts. Unfortunately, South Korea yet has to introduce that system.” 

Need of legal base

“Discouraging still, certified public appraisers in South Korea are treated like building contractors. This is because there is no legal base to recognize us as profession that requires knowledge and experience. It is our job to bring up ‘fair and reasonable price’ to lands and properties and this is crucial to prevent any possible conflicts. This is the reason that the members of the association have been constantly asking the Ministry of Land, Infrastructure and Transport to revise the law including the change of our name.”

The market worth 500 billion won ($418 million)

The members of the association are estimating the market of certified public appraisers around 500 billion won. “The value of public properties is not yet precisely appraised. So the members of the association are ready to take the job by making the most of our accumulated knowledge and experience and data in the field. This can create a great synergy effect on the related government departments including the local governments.”

Kim especially points out ‘compensation appraisal system’ and ‘agency in administrative appeals system’ to be activated. “Fair appraisals require ethics and the ethics come from execution rather than declaratory regulations. So the members of the association have already asked Konkuk University in relation to bringing up the layout.”

Serving nothing but benefits of the people and the nation

“All members of the Korea Association of Property Appraisers are in one mind to serve nothing but benefits of the people and the nation. I wrote our will in my heart on behalf of all members when I paid a respect at the Seoul National Cemetery after became the newly elected president of the association.”

Meanwhile, the Korea Association of Property Appraisers has been running a real estate class in cooperation with the Ministry of Education that involves not only introducing about their job and duty but also raising public awareness on the need of understanding basic knowledge and information about real estate as well as social activities such as offering donations for the people in need and scholarships for struggling students at university.