The ruling party and government will announce a comprehensive set of measures to cope with the overheated real estate market this week, a party official said Tuesday, warning against any illegal speculative practices.

Kim Tae-nyeon, the policy chief of the Democratic Party, said that after a party-government meeting Wednesday, the measures will be announced, including "strong" steps to deal with multiple-house owners involved in real estate speculation.

"The Democratic Party and government have been closely monitoring the real estate market, and we will not condone or overlook any real estate speculation," Kim said during a meeting with party officials.

"We will never ignore any signs of anomalies, distortions and price upsurges that are caused by real estate speculation," he added.

Kim also said that his party and government will also draw up measures to support families trying to purchase homes for genuinely residential purposes and fend off any illicit practices associated with applications for new apartments.

"Real estate is different from other investment products. ...It is residential space," Kim said. "If home prices skyrocket, regular citizens would cry and young adults would delay their marriage plans or give up having babies." (Yonhap)