The Vietnamese government is planning to fight a new increase in real estate speculation by proposing a tax on the owners of more than one property.
Việt Nam News reported the Ministry of Construction’s proposal comes as real estate prices have been soaring this year, with some recent land auctions generating winning prices much higher than the initial bid price. In the capital city of Hanoi, apartment prices were up by 6.5% in the second quarter, while some projects recorded price increases between 28% and 33% year-over-year.
The ministry issued a report that blamed the new real estate speculation on some investors, speculators and brokers. The ministry also proposed a pilot project to create a government-run center for real estate and land ownership transactions to prevent further market distortions.
The real estate sector is not voicing opposition to the ministry’s proposal – in fact, the Vietnam Association of Real Estate Brokers offered its own proposed tax on owners with more than one real estate property and on those who own abandoned properties.
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