Ministry invalidates proposal to limit maximum sale of 5 houses annually

The Ministry of Construction yesterday announced that it had annulled the proposal that limited individuals to selling or leasing no more than five housing units in a year in its latest draft law.


Prior, the Ministry proposed an individuals can only sell or lease a maximum of five housing units a year and need to set up a company.

According to many experts’ opinions, the Ministry of Construction's proposal aimed to limit speculation and real estate investment in a short time. However, unscrupulous people will find ways to circumvent the law; therefore, management agencies will not find it easy to monitor the number of real estate transactions that individuals have conducted in a year.

In addition, individuals who use land or housing originating from inheritance, donation, or having land allocated, leased, or recognized by the State for land use rights can still freely transact regardless of ownership status.

Therefore, in the new draft, the Ministry of Construction proposed that individuals who engage in small-scale real estate activities do not need to establish a business but are required to pay taxes. Moreover, a person can conduct transactions according to the present civil law, notarization and declaration of taxes following the current regulations.

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