Finance Minister Kim Dong-yeon has ensured the government is not considering raising real estate holding tax as a means to tackle speculative property investments.  

Kim made the remark Tuesday at the government complex in Sejong City in response to a question about claims by some ruling Democratic Party members that the government should impose higher taxes on the ownership of properties.

Minister Kim said he understands why some politicians are calling for such a tax hike, but pointed out that President Moon Jae-in made certain during a press conference marking his 100th day in office last month that the government is not considering the measure.

He explained that the government is still monitoring the outcomes of two measures it rolled out against speculative real estate deals, and cautioned that raising real estate holding tax could broadly impact citizens.