The ruling Democratic Party of Korea plans to propose a bill on Tuesday to establish a state regulator supervising the property market and unfair trading in real estate. Sponsored by Rep. Kim Hyun-jung, the agency would investigate irregularities and access individuals' credit information without a court warrant under specific conditions. The main opposition has criticized the move for granting excessive powers that could infringe on privacy.
The ruling Democratic Party of Korea (DPK) is set to propose a bill on Tuesday, February 10, 2026, to establish a state regulator that would supervise the property markets and enhance oversight of unfair trading in the real estate industry. Sponsored by Rep. Kim Hyun-jung of the DPK, the bill calls for creating a real estate watchdog under the prime minister's office to oversee irregularities in the market and conduct investigations if necessary.
The agency would have the authority to access individuals' credit information, including financial transaction records and loan statuses, without a court warrant, though it must undergo deliberation by a separate supervisory council within the agency. Kim stated that the bill aims to ensure market transparency and "realize the constitutional value of protecting the public's right to housing."
The lawmaker also plans to propose a separate bill granting special judicial police powers to the agency's officials to aid investigations. At the party's floor meeting, DPK floor leader Han Byung-do pledged to eradicate what he called "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) has criticized the DPK's initiative, arguing that the regulator would hold excessive authority and violate 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," said PPP deputy floor leader Yoo Sang-bum. Yoo added that the agency would act as a "mega-regional" power combining supervision and direct investigation, disguised as 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, emphasizing that housing market issues should be tackled through supply, tax, finance, and rental policies rather than an investigative body targeting real estate activities.
The Lee Jae Myung administration has been working to curb real estate speculation, with plans to end tax exemptions for multiple home owners to cool the overheated property market in the Seoul metropolitan area.
