Acting Prime Minister and Finance Minister Hong Nam-ki said on Tuesday that the government is reviewing the possibility of raising the bottom threshold of the comprehensive real estate tax. 

Speaking at a parliamentary interpellation session, Hong said the ceiling was last adjusted 10 years ago and the government began examining the matter after many expressed opinions that it needs further upward revision. 

The annual tax is levied on housing units, including apartments, whose state-assessed value exceeds 900 million won. 

Hong, however, cautioned against sending a wrong signal to the market as the move could encourage real estate speculation and said the review is being made discreetly. 

The consideration comes amid years of rapid increases in housing prices with the average market price for apartments in Seoul surpassing 900 million won as of earlier this year. 

The acting prime minister said the comprehensive real estate tax was among the frequently-discussed issues leading up to the by-elections earlier this month, saying the government judged it needs to look into it as it could reflect public consensus.