Minister: More supply needed for property market

24/10/2007 -- 8:43 PM

Ha Noi (VNA) – Finance Minister Vu Van Ninh said good planning work, more real estate developments and greater transparency in property business will prevent speculation. “Balanced supply and demand will result in an appropriate price level. Efficient land planning, more property projects and transparent property trading will help stabilise the market, Ninh told reporters on the sidelines of the on-going session of the 12th National Assembly. He also said that land and housing prices are too high as compared with per capita income in big cities, especially in Ha Noi and Ho Chi Minh City. To resolve this problem, property taxes are needed, he said, adding that his ministry is considering designing the Law on Property Tax for submission to the legislature by 2010.-Enditem
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