The government will end the temporary suspension of higher capital gains tax for multi-home owners on May 9 as part of measures aimed at curbing soaring housing prices.

At a Cabinet meeting Tuesday, Finance Minister Koo Yun-cheol briefed President Lee Jae Myung on the end of the grace period as part of efforts to eliminate unfair, "abnormal" practices and normalize the real estate market.

However, Koo also suggested allowing a three-month deferment for balance payments under contracts signed by May 9 in Seoul's districts of Gangnam, Seocho, Songpa and Yongsan, and a stay of six months in newly regulated areas.

The minister explained that such measures should be considered to minimize public inconvenience.

Koo said he plans to draw up a detailed plan following Tuesday's discussions and expressed hope for the public to avoid being subject to higher taxes.