The government said it is reviewing measures to raise the acquisition tax on real estate holdings that are donated or passed on to relatives. 

This follows calls that people owning multiple homes may try to bypass the ownership tax hike by donating properties to their children as a gift rather than selling them off. 

The government said in a press release Monday that it will closely monitor market movement and take complementary measures if necessary. 

Related ministries are known to be reviewing raising the current three-point-five percent acquisition tax rate on donated real estate to as high as 12 percent. Detailed measures will also be sought to prevent parents who own multiple homes from bending the rules and handing over the properties to their children. 

In its latest efforts to curb housing prices, the government on Friday announced it would raise property ownership tax rates on multiple home owners.