Korea Real Estate Board's AI pricing model wins deputy PM award at public sector AI competition

The Korea Real Estate Board said Wednesday it won the deputy prime minister's award in the "Public Institution AI Innovation Challenge" category at the 2026 Public Institution AI Innovation Achievement Competition, held at Nuri Dream Square in Seoul's Sangam district.

The Ministry of Economy and Finance and the Ministry of Science and ICT jointly organized the competition to identify outstanding AI use cases deployed in real-world settings and promote their adoption across the public sector.

A total of 316 teams from public institutions competed through written and presentation reviews. The Korea Real Estate Board earned high marks for its entry titled "AI Market Pricing: The Start of Public Trust and Real Estate Information Innovation," and was recognized as a leading example of AI-driven innovation in public real estate information services.

The award-winning system — the Korea Real Estate Board AI (REB-AI) pricing model — automatically calculates real estate market prices nationwide by combining vast property datasets with machine learning models and comparable-transaction models. Five related patents have already been registered.

The model generates weekly buy and jeonse price estimates for about 16 million apartment units and about 1.2 million officetels across the country. It is also integrated into the Korea Real Estate Board's core operations, including official property valuations and statistical work, significantly improving accuracy and objectivity and strengthening the reliability of those services.

The board also supplies REB-AI pricing data to the Ministry of Land, Infrastructure and Transport and the Korea Housing and Urban Guarantee Corporation's Safe Jeonse app, enabling tenants to easily check fair market prices before signing a jeonse contract and helping prevent jeonse fraud.

"The REB-AI pricing model is the product of public data innovation aimed at delivering timely, trustworthy real estate price information to the public, and it plays a vital role in the Korea Real Estate Board's journey toward becoming a real estate data hub," Korea Real Estate Board President Lee Heon-wook said. "Building on this recognition, we will expand the use of AI technology across real estate valuations and statistics more broadly, to protect real estate consumers and fulfill our role as the nation's core real estate policy infrastructure institution."