Property transactions of individuals might be limited
Property transactions of individuals might be limited
Việt Nam may develop regulations about caps on the number of property transactions and revenues individuals make in a year to limit speculation, heard a meeting to discuss the draft decree detailing several points of the Law on Real Estate Business.
An urban area project in Quảng Trị Province. Regulation may be brought in to limit property transactions. — VNA/VNS Photo Nguyên Linh |
This will tackle the fact that individuals bought and sold many real estate assets in a year with great value to speculate and make profits without establishing real estate businesses.
Deputy Prime Minister Trần Hồng Hà asked the Ministry of Construction to study carefully in order to raise specific regulations.
In the draft version in March, the ministry proposed that individuals be allowed to sell and lease from three to five properties in a year. If the transaction number exceeds five, the individuals must establish enterprises to implement property business. The proposal, however, was removed from the next draft.
Hà also asked the Ministry of Construction to coordinate with the Ministry of Information and Communications to develop regulations on the operation of electronic real estate trading platforms to ensure information safety and security as well as the responsibilities of the operators.
The Ministry of Construction must develop tools and a statistical approach to evaluate real estate price fluctuations as a base to timely raise solutions to regulate the market.
