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

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3 Responses to “In South Korea, Appraisers Are More Corporate In Seoul”

  1. John Philip Mason says:

    While I don’t know the combined number of professional appraisers and assessors here in the US, they clearly have a much more favorable ratio (in terms of more work per appraiser), in South Korea. With 2,200 appraisers, doing most the private appraisal and public assessment work, and a population of about 48,500,000, the South Korean ratio is 1/22,000. In New York State alone we have several thousand appraisers and assessors, for a population of just over 19,000,000. Can anybody tell me how to say “yes we cover that area” in Korean?

  2. Jong Min Kim says:

    It is not a fair idea when we think about the work volume as the number of appraisers divided by the populations. The economy size of Korea cannot be compared to U.S. especially to N.Y. Even though the NO. of S. Korean population is much bigger than that of NY, the number and amount of sales, rents, renovations and new developments which induce the finance and appraisal might be much bigger in NY than S. Korea.

  3. Ken and Deborah says:

    Are there any appraisers in Montgomery Alabama that can appraiser Korean pottery?