- Miller Samuel Real Estate Appraisers & Consultants - https://www.millersamuel.com -

In South Korea, Appraisers Are More Corporate In Seoul

In South Korea, there are 2,200 professional appraisers (as of April 2005), the vast majority of whom work in large appraisal corporations (with a minimum of 60 appraisers). Unlike the US, where the profession tends to be made up of small appraisal practices, the South Korean appraisal firms need to be large in order to be credible and to qualify for government work.

The South Korean government is one of the largest buyer of appraisal services in the country, particularly for property asessments. The fees are set by the government based on the value of the property and are, for the most part, generous by current US standards. (The fee for a $10 million property would be about $7,700.) However, the South Korean appraisers have to take the good with the bad, and are often called on to appraise properties at a loss. The fee for a $500,000 property, about $550.

[Soapbox] From Rubble to Rubles [1]