Hanoi buildings in September 2024. Photo by VnExpress/Giang Huy
Lawmakers have proposed introducing a tax policy targeting individuals who own multiple properties or leave them idle.
Such policy will foster a sustainable property market, according to a proposal of the Supervising Committee of the National Assembly which was being discussed Monday.
The property market for years has seen a disparity between supply and demand.
At least 100,000 condotel units have been approved by the Ministry of Construction and tens of thousands more by local authorities, but many of them are not sold due to legal issues.
The apartment market has seen prices shooting up and exceeding the ability to pay of the average homebuyer. There is an oversupply of mid- and high-end products and shortage of affordable homes.
Most localities have failed to achieve their social housing construction quota. Hanoi has built 9% of target while HCMC has completed 19%.
Many projects have been stuck in acquiring licenses, resulting in the delay in launching new projects.
The government has been discussing imposing more home taxes in the last 15 years to reduce speculation but no decision has been made.
A survey of 32,000 readers by VnExpress shows that nearly 70% support impose an additional tax on owners’ second property and idle properties.
From: VnexPress
Real Estate News
