The ruling Democratic Party(DP), the government and the presidential office have agreed to establish an agency under the Prime Minister’s Secretariat to handle investigations into suspicious real estate trading practices.

DP chief spokesperson Park Soo-hyun said Sunday that the agreement to set up the oversight body was reached during a high-level tripartite meeting as part of efforts to normalize the overheated real estate market.

The spokesperson said a bill will be tabled within this month to guide the establishment and operation of the agency, along with a bill to revise the Act on the Duties of Judicial Police Officers.

Under the first bill, set to be introduced by DP Rep. Kim Hyun-jung, the agency would serve as the control tower for managing personnel from the land ministry, the state tax agency, the police, and financial regulators.

The approximately 100-member organization would also include special judicial police officers with the authority to directly investigate suspicious real estate trading activities.

The move comes in the wake of warnings from President Lee Jae Myung on social media reaffirming his hard-line policy to eradicate speculative transactions in the housing market.