Finance Minister Hong Nam-ki said the government is mulling over measures to ease the burden on those who own one home amid an increase in property tax stemming from escalated housing prices. 

Hong revealed the deliberations during a ministerial meeting on the real estate market held on Wednesday, saying supplementary measures under review are aimed at alleviating tax burdens “to some extent.”

His remarks came after the ruling Democratic Party said it is “positively” considering similar action. 

The ruling party and government are currently reviewing several measures for homeowners with one home, including applying this year's officially assessed property price in calculating next year's real estate holding tax. 

The minister, however, was adamant in his refusal of a proposal by ruling Democratic Party presidential candidate Lee Jae-myung to temporarily exempt multi-home owners from paying increased property transfer tax, citing market stability, consistency in policy and fairness issues. 

From this year, owners with more than one home who sell their property less than a year from the day of purchase face a 70-percent transfer tax, compared to the previous 40 percent.