The top office remains cautious on whether the government will raise real property ownership tax amid skyrocketing housing prices in Seoul's affluent Gangnam area.

A senior official of the presidential office said Wednesday that it first needs to be seen whether the rise in housing prices in Gangnam will drive up property prices throughout the nation. The official said that given that the amount of property transactions currently aren't that high, there is no need to consider raising real property tax. 

The official flatly dismissed media reports that the government will announce plans to increase real property tax in March saying no such plan is in store. 

The government is said to be focusing on first devising ways to stabilize housing prices in Gangnam instead of seeking overall measures to cool down the property market by raising real ownership tax.