PM’s new instruction on real estate market management

Prime Minister Nguyen Tan Dung has signed a directive on measures to promote development and strengthen the management of the real estate market.

The PM asked the Ministry of Construction and Ministry of Natural Resources and Environment to research and issue early the areas limits for housing and land ownership to serve the calculation of house and land taxes in accordance with the Tax Law.

The Finance Ministry is assigned to cooperate with relevant ministries and branches in revising the ordinance on house and land taxes in the direction of increasing the tax rates on housing and land areas surpassing the limits as well as on unused land and houses. The revision aims at preventing speculation and increasing budget revenues.

The PM also required provincial and municipal People's Committees to inspect the implementation of housing projects; take back agreements from delayed projects; and strictly deal with illegal real estate trading including speculation.
In an effort to increase the housing fund for low-income earners, the PM asked the Ministry of Construction to work with relevant ministries and branches to revise regulations on housing development projects, which should be submitted to the government for approval in the first quarter of this year.