Naver to Withdraw from Real Estate Service

SEOUL, KOREA- Naver, the largest online portal in Korea, announced on August 7 that it will stop providing real estate information service that has dealt with classified ads on houses for sale or rent. Naver has been running the real estate information service for itself with no external partners.

Naver held a consultation meeting with real estate information service providers at its Global R&D Center in Pangyo, outside Seoul, on August 7, where it reached an agreement to reorganize its real estate information services.

Instead of running it as a standalone service, Naver decided to allow the service to be operated by an outside professional company with specialty in provision of real estate information, in order to ensure the credibility of the information and to improve user convenience.