Finance Minister Kim Dong-yeon says the government may introduce a higher property tax as a means to clamp down on the speculative property market.

Kim made the suggestion on Tuesday when he appeared on a radio program, saying calls for a rise in property taxes are appropriate.

Tuesday marked the first time for the minister to publicly add weight to the need for a rise in such taxes.

He said that most metropolitan areas, including Seoul's affluent Gangnam district, have seen a rise in property offerings as well as the number of transactions.

He attributed the spike in apartment prices in four districts in Seoul, including Gangnam and Seocho, to speculative demand, adding that property tax is lower than transaction tax. 

The ruling Democratic Party's policy chief Kim Tae-nyeon supported the idea on Tuesday. He said the party would push for stronger measures to cool down the overheating housing market, including a higher property tax.