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| ▲ This undated file photo shows Rep. Kim Hyun-jung of the ruling Democratic Party. (Yonhap) |
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| ▲ Lawmakers of the main opposition People Power Party hold a party meeting at the National Assembly on Feb. 10, 2026. (Yonhap) |
(LEAD) ruling party-property regulator
(LEAD) Ruling party to propose bill on setting up regulator on property markets
(ATTN: UPDATES with more info in last 7 paras; ADDS photo)
By Yi Wonju
SEOUL, Feb. 10 (Yonhap) -- The ruling Democratic Party (DP) is set to propose a bill Tuesday to establish a state regulator that would supervise the property markets and boost oversight into unfair trading in the real estate industry.
The bill, sponsored by Rep. Kim Hyun-jung of the DP, calls for the creation of the real estate watchdog that would oversee and if necessary, conduct investigations into irregularities that arise in the real estate market.
The agency, to be set up under the prime minister's office, will be granted the authority to access credit information of individuals, including their financial transaction records and the loan status, without a court warrant.
It will, however, be required to undergo deliberation by a separate supervisory council within the agency to exercise that authority.
Kim said the bill aims to ensure market transparency and "realize the constitutional value of protecting the public's right to housing."
The lawmaker is also set to propose a separate bill that will grant special judicial police powers to officials at the supervisory body to facilitate investigations.
During the party's floor meeting, DP floor leader Han Byung-do vowed to root out what he described as "destructive" real estate speculation through the proposed agency.
"We will conduct constant monitoring and precise crackdowns by operating the service, equivalent to the Financial Supervisory Service for real estate, to ensure that illegal speculators cannot set foot in our market," Han said.
The main opposition People Power Party (PPP) criticized the DP's move, arguing that the regulator will wield excessive authority and infringe upon people's privacy.
"What we need is not a 'Big Brother' in real estate but the rule of law and responsible policies that people can predict,"PPP deputy floor leader Yoo Sang-bum said.
Yoo added that the agency would serve as a "mega-regional" power with authority for both supervision and direct investigation under the disguise of a supervisory body.
"This is a dangerous design that undermines the system of checks and balances among the prosecution, police, the National Tax Service and financial authorities," he said, stressing that the problem of the housing market should be addressed through supply, tax, finance and rental policies, not by creating an investigative body to crack down on real estate activities.
The Lee Jae Myung administration has been seeking to rein in real estate speculation, with the government set to end tax exemptions for owners of multiple homes to cool the overheated property market in the Seoul metropolitan area.
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