Seoul: The government has initiated a task force under the prime minister's office to establish an oversight body aimed at addressing illegal practices in the real estate market. This strategic move is part of a broader effort to stabilize the housing market and regulate activities that have been contributing to rising housing prices.

According to Yonhap News Agency, this initiative follows the government's recent unveiling of housing market stabilization measures, which designated all 21 remaining districts in Seoul as speculative zones and enforced stricter lending rules. These actions are intended to mitigate the rapid increase in housing prices by curbing speculative activities within the market.

The newly formed task force comprises officials from the land ministry, interior ministry, the Financial Services Commission, and the National Police Agency. This team is tasked with coordinating interagency responses to real estate crimes, including executing joint investigations with relevant agencies, until the formal launch of the oversight body early next year.

The housing market stabilization measures announced on October 15 represent the third set of policies introduced since President Lee Jae Myung assumed office in June. The rapid escalation of apartment prices in Seoul, particularly in high-demand neighborhoods, has fueled speculation and exacerbated upward price trends, necessitating these comprehensive regulatory responses.