Ministry of Construction reaffirms stance on taxing cases of multiple property ownership

In a recent meeting, representatives of the Ministry of Construction pointed out the reasons for the "skyrocketing" increase in housing/land prices. At the same time, the Ministry also proposed solutions to improve the situation, including taxing people with many properties.

At the regular press conference of the third quarter of 2024 of the Ministry of Construction, Mr. Vuong Duy Dung, Deputy Director of the Department of Housing and Real Estate Market Management, pointed out 3 reasons for the high increase in real estate prices.

The first factor stems from the increasing input costs for developing new projects, especially land use fees. The second reason stems from the fact that supply, although improved, is still limited. This is the reason that many brokers and speculators take advantage of to inflate prices, causing market disruption.

The third factor causing the price of houses/land to increase "skyrocketingly" is that other investment channels have not really flourished. This has caused many people to put money into real estate as a channel for accumulation and profitable investment, thereby causing the market price level to continue to be pushed up.

Mr. Vuong Duy Dung, Deputy Director of the Department of Housing and Real Estate Market Management, speaking at the press conference. Photo: Ministry of Construction

To control real estate prices, Mr. Vuong Duy Dung said the Ministry of Construction has reported to the Government a number of solutions to effectively implement the three new laws related to the real estate market and guiding documents to remove difficulties for the market.

In addition, the representative of the Ministry of Construction also reaffirmed its stance on researching and implementing a tax policy for people who own and use multiple houses/lands, in order to limit speculative and "surfing" activities. However, Mr. Dung also affirmed that the agencies will have to carefully, thoroughly and comprehensively assess the impact of this solution before promulgating it.

After the irregularities in land auctions in the suburbs of Hanoi, the Ministry of Construction said that it is necessary to study and perfect regulations related to land auctions to ensure they are consistent with the actual situation. The solution will be implemented in the direction of increasing the deposit, determining the starting land price closer to the actual situation of the area, shortening the time to pay the winning bid, and limiting the number of people participating in the auction for speculative purposes.

At the same time, the inspection, examination and review of land auction and project bidding work also need to be improved in efficiency; promptly detect and strictly handle violations according to authority and regulations of law.

In addition, the Ministry of Construction will also study and propose to competent authorities to consider piloting a model of real estate transaction centers and land use rights managed by the State. This will be a solution to stop the situation of collusion between brokerage floors to inflate house prices.

Source: https://baodautu.vn/batdongsan/bo-xay-dung-tai-khang-dinh-lap-truong-danh-thue-cac-truong-hop-so-huu-nhieu-nha-dat-d227720.html