President Moon Jae-in on Monday vowed to consider setting up a watchdog agency to monitor the real estate market in order to improve the effectiveness of government measures.

Chairing his weekly meeting with top aides, Moon declared that the issue of home prices is the number one task at hand.

His remark is seen as reiterating his resolve to focus policy measures on stabilizing the real estate market.

The president said the government and ruling party have drafted a full range of measures, while related legislation in parliament has also been completed.

He described the most recent series of measures as a comprehensive version of all housing policies.

Moon explained that tax reforms were pursued to block speculative housing demand and innovative measures have been introduced to supply homes to those who really need to buy a house. He added that the rights of tenants have also been significantly bolstered.

Moon said the effects of such measures are gradually emerging and are expected to accelerate. 

He also noted that it's a general trend worldwide for governments to actively intervene in the housing market via taxation, and stressed that the recently raised property holding tax is still lower than other countries.