ⓒYONHAP News

Finance Minister Hong Nam-ki announced a set of toughened measures on Friday aimed at containing soaring residential property values.

The latest measures come amid growing public discontent toward the Moon Jae-in administration, which has been trying desperately to make homes more affordable especially in the capital Seoul.

The government's prime targets are owners of multiple homes and real estate speculators.

The government will nearly double the cap on the comprehensive real estate holding tax from three-point-two to six percent for owners of multiple homes whose value totals more than nine-point-four billion won.

Starting in 2021, homeowners who sell their homes less than a year from the day of purchase will face a 70-percent transfer tax, compared to the current 40 percent.

Meanwhile, the government will expand the special housing supply for newlyweds and families with multiple children to include apartments built by private construction companies and ease income eligibility requirements for the homes.