Land prices in some places increase up to 5 times in a year
On the morning of May 11, at the opening session of the 11th session, the National Assembly Standing Committee gave opinions on the report on additional assessment of the performance of socio-economic development tasks and the state budget in 2021. ; implementation of the socio-economic development plan and the state budget in the first months of 2022.
Regarding the field of land, Head of the Delegation Affairs Committee Nguyen Thi Thanh said that in the past time, the land in the coastal areas in some places has increased hot, up 2-3 times, even 5 times within 1 year. . Many people think that this price increase comes from speculative activities.
“The hot development of the real estate market has a speculative nature, leading to encouraging people and businesses to use financial leverage to speculate, potentially increasing the risk of bad debt for commercial banks,” Ms. Thanh said.
Head of Delegate Affairs Nguyen Thi Thanh
According to Ms. Thanh, there are opinions that organizations and individuals increase investment in securities and real estate, showing weak consumer demand, inefficient expansion of production and business…
The head of the Delegates Affairs Committee further noted that the amount of capital poured into securities and real estate investments is the largest ever in terms of scale and proportion. Real estate credit growth reached more than 17.14%, higher than the average credit growth of the system. Credit loans poured into the real estate market accounted for 20.11% of the whole system’s loans.
According to a report of the State Bank, as of March 31, 2022, outstanding credit for real estate business reached VND 783,942 billion. Notably, the outstanding credit balance for investment projects on construction of urban areas and housing development projects reached VND 188,105 billion (accounting for 24% of total outstanding loans); Outstanding credit balance for loans for construction and home repair for sale or lease reached VND 121,153 billion (accounting for 15.4% of total outstanding loans).
Chairman of the Judiciary Committee Le Thi Nga.
Meanwhile, according to Chairwoman of the Judiciary Committee Le Thi Nga, the market for land use rights has shown signs of instability in recent times. Mistakes in land auctions ; Real estate brokers work together to raise land prices, causing land fever and destabilizing the market.
In addition, in the use of land, there is wastefulness, in many places the land is not put to use. The status of complaints and denunciations related to land is still many and complicated.
“Complaints and denunciations about land account for nearly 70% of the total number of complaints and denunciations”, Ms. Nga emphasized.
In the inspection report of the Finance – Budget Committee, Chairman of the Finance – Budget Committee Nguyen Phu Cuong said that land use levy collection had a large increase compared to the estimate (an increase of VND74,081 billion). However, according to Mr. Cuong, this is an unstable and unsustainable revenue for the local budget balance.
Determined to complete the amendment of the Land Law in 2023
Before the problems of the real estate market, the Finance – Budget Committee proposed the Government to direct localities to develop reasonable and prudent management and exploitation plans, with an appropriate roadmap, to ensure efficient and long-term exploitation of land resources. In particular, there are control measures to avoid the hot rise in the real estate sector. At the same time, it is necessary to develop a closer estimate to operate the state clean budget proactively and effectively.
Chairman of Economic Committee Vu Hong Thanh
Meanwhile, the Economic Committee suggested that there should be solutions to strictly manage substandard real estate transactions; have suitable solutions to closely determine the real estate market price in order to avoid loss of tax revenue.
Besides, it is necessary to research, evaluate, have a suitable behavior plan, approach, promptly amend or propose amendments to legal regulations to stabilize the market and create confidence for investors.
“Determined and prioritized allocating resources to complete the amendment of the Land Law in 2023,” said Chairman of the Economic Committee Vu Hong Thanh.
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