Update news land speculation
Concerns are being raised about the proposal to increase taxation imposed on real estate transactions and leasing and whether it could be an effective tool to prevent real estate speculation.
Improving supply and providing transparent information about property projects are the most important solutions that will help prevent speculation.
The deadline for the first round of Thu Thiem land use fee payment has expired, yet none of the four winners of the land auction on December 10, 2021 perform its duty.
Real estate, in the eyes of investors, is the most profitable and least risky business field.
Prime Minister Pham Minh Chinh has emphasized that the national housing strategy needs to include reasonable social housing development, and the tax regime on land speculators should be adjusted.
Land prices unexpectedly escalated after Tet holiday, though Vietnam is still struggling with Covid-19 and people have had to tighten their purse strings during the pandemic.
The real estate market remains feverish not because of high demand and short supply, but because of speculation, experts have said.
A leading Vietnamese real estate developer has reported an additional loss of tens of billions of dong, raising its total loss in 2020 to VND500 billion, though land prices are escalating all over the country.
HCM City will organise an auction to seek investors for the right to use nine land plots in the Thu Thiem new urban area in District 2.