The National Assembly on Tuesday approved three bills drafted to implement a set of government measures announced last month to tame speculative real estate investment. 

Led by the ruling Democratic Party(DP), which holds a majority in the 300-strong unicameral parliament, lawmakers passed the bills during a plenary session. Main opposition United Future Party(UFP) lawmakers attended but did not cast votes.  

The crux of the real estate-related bills is to boost the comprehensive real estate tax rate on multiple home owners to a maximum six percent and raise the acquisition tax rate to eight to 12 percent on people possessing two or more homes in real estate speculation zones.

They also raise the extra property transfer tax imposed on companies from the current 10 percent to 20 percent.