The entry into the mature stage of the real estate market and the opening of the real estate market by the Korea - US FTA are demanding a new paradigm of real estate and realigning the new real estate industry. The response of the industry to this demand has evolved into a blend of other industries.
The real estate industry is composed of multiplicative laws as a domain of the comprehensive industry based on land. In the area of public land law, there are the constitutional regulations on land, land ownership, planning, development, conservation, management, expropriation of land, restitution of development gains, tax, land information, market management, environment and so on. It also includes the building police act, which is the area of the building administrative law, and encompasses housing construction, supply, management, and rehabilitation, which are areas of the housing law.
In reference to the Standard Industrial Classification of the Statistics Korea, the Bank of Korea's Industrial Input-Output Table, and the National Science and Technology Standard Classification Table of the Ministry of Science and ICT, the contents of the real estate industry are as follows: real estate leasing business, development business, supplying business, service business (brokerage business, advisory business, appariser bussiness) about land and things firmly affixed thereto. In addition, there are real estate convergence industry and real estate related industry. I reviewed the statutes related to these.
It is technically difficult to bind various complex laws related to real estate to a single law. However, by enacting the definition, promotion system, promotion direction-setting, application of new convergence industry system, and real estate convergence law system of the real estate convergence industry, the Real Estate Convergence Industry Promotion Act will be needed for the emergence of real estate convergence industry.