The government has urged the public to be wary of rushing to buy real estate, saying there may be sharper-than-expected fluctuations in housing prices.

Finance Minister Hong Nam-ki made the remarks on Wednesday in a statement to the public about government measures to stabilize the real estate market. 

The minister said housing prices are expected to see some downward adjustments reflecting trends both at home and abroad, including the possibility of a hike in interest rates. 

He said these price adjustments could be greater than anticipated by the market.

Hong said now is the time to keep an eye on future developments and market liquidity as well as heed the views of numerous experts rather than become anxious and rush headlong into buying real estate. 

Meanwhile, Hong dismissed the possibility of the government seeking further revisions to laws aimed at protecting the residential stability of tenants and to enhance transparency in the rental market, stressing the need for such laws to gain a firm footing.