South Korea's ruling Democratic Party plans to propose a bill on Tuesday aimed at establishing a national regulatory body to oversee the real estate market and strengthen supervision of unfair practices within the industry.

The bill, introduced by Democratic Party lawmaker Kim Hyun-jung, calls for the creation of a real estate regulatory agency responsible for monitoring violations in the property market and conducting investigations when necessary.

The agency will be established under the Prime Minister's Office and will be granted the authority to access individuals' credit information, including financial transaction records and loan statuses, without requiring court authorization.

However, exercising this power will still require deliberation by an independent oversight committee within the agency.

Kim Hyun-jung stated that the bill aims to ensure market transparency and "realize the constitutional principle of protecting public housing rights."

The lawmaker will also propose separate legislation that would grant officials of the regulatory agency special judicial police powers to assist in investigative work.