Owners of two homes will now be subject to lower taxes if they offload one within three years.

The government announced the measure in a meeting presided by finance minister Choo Kyung-ho on Thursday.

The change adds one more year to the government’s exemption from heavy taxes for homeowners who temporarily own two homes, now giving such owners three years to sell one of the properties before incurring the tax.

The government said that the move was inevitable due to a slump in the housing market amid rising interest rates.