The South Korean government is further clamping down on real estate speculation and soaring housing prices, announcing Friday it would nearly double the cap on the comprehensive real estate holding tax for multiple homeowners from three-point-two to six percent.

In its latest package of anti-speculation measures, the government said it will impose a maximum six-percent tax on owners of multiple homes with value totaling more than nine-point-four billion won. 

The six-percent cap is higher than the four-percent limit the government had announced in its real estate package last December.

Last year, 511-thousand taxpayers, or one percent of the total population, paid the comprehensive housing tax.

Starting in 2021, homeowners who sell their homes in less than a year from the day of purchase will face a 70-percent transfer tax, compared to the current 40 percent. Those who held possession for less than two years will have to pay a 60-percent tax.

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