Finance Minister Kim Dong-yeon has vowed to raise government-set property values to reflect rising housing prices.

In an interview with foreign media Friday, Kim said property prices set by the government are behind market prices and this is why property taxes imposed on South Korean homeowners are far lower compared to other taxes by OECD standards.

The finance minister, however, said it would be too early to say how much of its set values the government plans to raise.

On the nation's dismal employment conditions, Kim said job growth will remain weak for the rest of this year, adding weak employment growth is "bottoming out."

Referring to the government's fiscal spending on jobs, Kim said state support alone can’t create new positions immediately, rather it should be accompanied by innovative growth and support for businesses.