The publicly declared value of homes inside multi-unit buildings in the country fell a record 18-point-six percent this year.

Chairing a meeting of real estate-related Cabinet ministers on Wednesday, finance minister Choo Kyung-ho said the on-year decline in the posted price of such homes is the largest since the disclosure system was introduced in 2005.

Noting that housing prices fell across the board last year amid interest rate hikes and government efforts to stabilize the market, the minister attributed the drop this year to a lower rate of actual market prices reflected in the calculation of the appraisal.

Choo said that in this light, real estate holding taxes are expected to be much lower than last year and even 2020 levels.

The minister stressed that the Yoon Suk Yeol administration has been focusing on devising measures to stabilize the property market and normalize unreasonable regulations that imposed excessive burden on the people.

He added that recipients of welfare benefits such as employment subsidies, basic livelihood stipends and state scholarships will also increase next year.